HSBC, through its subsidiary HSBC Holdings B.V., has purchased shares in Saudi British Bank which will increase its shareholding in the Saudi lender to 31% from 29.2%.
"The transaction further emphasises our long term strategic commitment to both SABB and the Kingdom of Saudi Arabia," HSBC said in a statement.
HSBC traces its origins in Saudi Arabia back almost 70 years, during which time it has been an active partner supporting the Kingdom's economic growth and social development.
The transaction further emphasises our long term strategic commitment to both SABB and the Kingdom of Saudi Arabia
It said the stake increase followed the participation in an accelerated book build process launched on Nov. 30 by NatWest Markets and Banco Santander.
HSBC owned a 29.2% stake in Saudi British Bank and the Olayan family, a leading Saudi business group, has around 18.3% stake, based on Refinitiv data.
In 2018, Saudi British Bank and smaller rival Alawwal Bank agreed to merge to create the country's third-biggest lender.