HSBC Saudi Arabia to merge with SABB Securities

HONG KONG - HSBC Holdings Plc , Europe’s biggest bank, will merge its Saudi Arabian wholesale and investment banking business with Saudi British Bank’s SABB Securities, it said on Monday.

By (Reuters)

Published: Mon 27 Jun 2011, 10:56 AM

Last updated: Tue 7 Apr 2015, 4:54 AM

SABB would own 51 percent of the new entitity, to be known as HSBC Saudi Arabia, but HSBC would retain full management control, HSBC said in a statement posted on the Hong Kong stock exchange.

The merger was subject to regulatory approval and was expected to complete by the end of this year, HSBC added.

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