Riyadh - Mubasher: Saudi British Bank (SABB) has announced the completion of the sale and purchase of certain business lines from HSBC Saudi Arabia to Alawwal Invest Company, in which SABB owns a 100% stake.
The value of the transaction, under which Alawwal Invest acquires the asset management, retail margin lending, and retail brokerage businesses of HSBC Saudi Arabia, is SAR 1.20 billion and is subject to post-completion adjustments as per the agreement between the buyer and the seller, according to a bourse filing on Sunday.
The transaction enables HSBC Saudi Arabia to sharpen its focus on its market-leading investment banking, institutional brokerage and custody business serving domestic and international corporate and institutional clients in the kingdom.
For Alawwal, completing the transaction sees it further strengthen its position in asset management, retail brokerage and retail margin lending.
During the first half (H1) of 2022, SABB registered net profits worth SAR 2.08 billion, an annual increase of 10.43% from SAR 1.88 billion.
Earnings per share (EPS) stood at SAR 1.02 in H1-22, compared to SAR 0.92 in H1-21.
