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Dubai: HSBC Saudi Arabia is is transfering its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a wholly owned subsidiary of Saudi British Bank (SABB). The transaction is expected to complete next year, subject to approvals.
“This transaction will allow HSBC Saudi Arabia to focus its resources on investment banking, institutional brokerage and custody businesses,” said Stephen Moss, HSBC Group’s Chief Executive for the Middle East, North Africa and Turkey region. The entity owns 51 per cent of HSBC Saudi Arabia, with 49 per cent held by SABB.
HSBC Group is the single largest investor in SABB with 31 per cent. “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,” said Rajiv Shukla, CEO of HSBC Saudi Arabia.