Riyadh – Mubasher: The Saudi British Bank (SABB) signed on Thursday, 17 August, an agreement with subsidiaries of HSBC Holdings to purchase their 32.5% stake in SABB Takaful.
The subsidiaries, which are part of the agreement, are Asia Holdings BV, Canada Water Nominees (UK) Limited, Canada Crescent Nominees (UK) Limited, and Canada Square Nominees (UK) Limited, the statement added.
The total value of the transaction amounted to SAR 117.79 million, at SAR 10.66 per share.
After completing the transaction, SABB will own 65% of SABB Takaful’s capital.
The Tadawul-listed bank indicated that the completion of the transaction is subject to regulatory approvals, and the approval of SABB’s board of directors.
SABB forecast that the deal will be completed during the second half of 2017, and its financial impact may appear in the annual financial statements of 2017.
