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HSBC Saudi Arabia to merge with SABB Securities
Saudi investment company mergers for Europe's biggest bank to own 51 percent of new venture entity HSBC Saudi Arabia.
June 27, 2011 10:36 by p.deleon
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.
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. (Reporting by Kelvin Soh; Editing by Chris Lewis)