HSBC Saudi Arabia has announced it is sharpening its focus on the investment banking, institutional brokerage and custody needs of its clients with an agreement to transfer its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a subsidiary of the Saudi British Bank (SABB).
The HSBC Group owns 51 percent of HSBC Saudi Arabia, with 49 percent owned by SABB and is the single largest investor in SABB with a 31 percent shareholding.
The transaction is expected to complete during 2022 subject to necessary approvals, a statement said.
“This transaction will allow HSBC Saudi Arabia to focus its resources on its market-leading investment banking, institutional brokerage and custody businesses, which serve domestic as well as international corporate and institutional clients in the Kingdom,” said Stephen Moss, HSBC Group’s chief executive for the Middle East, North Africa and Turkey (MENAT) region.
HSBC Saudi Arabia provides investment banking services to the full spectrum of corporate and institutional clients in both the private and government sectors.
Rajiv Shukla, CEO of HSBC Saudi Arabia, said: “As Saudi Arabia marks the five-year anniversary of its Vision 2030 programme, we want to ensure HSBC Saudi Arabia is focused on connecting our corporate and institutional clients to the vast opportunities that arise from one of the world’s most ambitious economic transformation programmes, while ensuring that our current retail and asset management clients will benefit from a transfer into one of the kingdom’s leading domestic banking platforms.”
Follow us on
