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Saudi British Bank to sell 2% stake in HSBC Saudi Arabia to HSBC Asia Holdings

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Saudi British Bank to sell 2% stake in HSBC Saudi Arabia to HSBC Asia Holdings

Saudi British Bank agreed to sell a stake of approximately 2% in HSBC Saudi Arabia Ltd., or 1 million shares, to HSBC Asia Holdings BV for about 36 million riyals.

Following the sale, Saudi British Bank will own 49% of HSBC Saudi Arabia, while HSBC Asia Holdings will hold the remaining 51%.

As of April 19, US$1 was equivalent to 3.75 Saudi Arabian riyals.