HSBC in Saudi joint venture

27th Jun 2011 07:05

Global banking titan HSBC said its Saudi wholesale and investment banking business is to merge with a subsidiary of the Saudi British Bank (SABB).SABB will have a 51% stake in the new venture, which is to be called HSBC Saudi Arabia, but HSBC will retain full management control of the business.The move brings together SABB's brokerage and custody business into the HSBC fold. As at the end of last year, the combined businesses had gross assets valued at SAR706.6m ($188.4m). The merger, which is subject to regulatory approvals, is expected to complete by the end of 2011.--jh