HSBC Saudi Arabia becomes 51% owned subsidiary of HSBC Group

Further to HSBC Saudi Arabia (the “Company”) shareholder, Saudi British Bank (“SABB”)’s announcement on Tadawul that it has entered into a binding agreement with HSBC Asia Holdings B.V. (“HSBC Asia”) for the sale of 1,000,000 shares in the share capital of the Company (representing 2% stake in the Company’s ownership) (the “Transaction), the Company would like to announce that the Transaction has been completed with the receipt of respective internal/external approvals.

HSBC Asia Holding B.V. is a subsidiary of HSBC Holdings Plc. (together with its subsidiaries and affiliates “HSBC Group”) and is now holding a 51% stake in the ownership of the Company, with the remaining 49% owned by SABB.

The Transaction underscores HSBC Group’s long term commitment to the Kingdom of Saudi Arabia, a market in which it traces its origins back almost 70 years, and during which time it has been an active partner supporting the Kingdom’s economic growth and development.

The Company is well positioned to capture value and new opportunities in a country poised to benefit from one of the world’s most ambitious economic transformation programmes, Saudi Vision 2030.

Customers can benefit from an improved ability to leverage the HSBC Group global network to their advantage in an entity that is more clearly aligned to, and integrated with, the strategic objectives of the HSBC Group.

HSBC Group, through its subsidiary and affiliate operations, is the leading financial services provider in the Kingdom of Saudi Arabia. SABB remains HSBC Group’s partner in the Company.