RIYADH: Saudi British Bank has completed a deal to trade certain lines of business between HSBC Saudi Arabia and Alawwal Invest Co.
The deal, which is valued at SR1.2 billion ($319 million), involves lines of business including asset management, retail margin lending, and retail brokerage, which are estimated to be worth approximately SR767 million.
In May, SABB announced that its two affiliates, HSBC Saudi Arabia, which it owns 49 percent of, and Alawwal Invest, which it owns 100 percent of, had signed a deal to trade certain business lines.
The deal is subject to post-completion modifications, as agreed between the parties involved, according to a bourse filing.
