HSBC Sells 48.9% Stake In British Arab Commercial Bank

18th Jun 2010 16:55

LONDON (Dow Jones)--HSBC Holdings PLC (HSBA.LN) said Friday it has agreed to sell its 48.9% shareholding in British Arab Commercial Bank PLC to Libyan Foreign Bank for GBP56.7 million in cash. MAIN FACTS: -As a result of the transaction, which is expected to complete in the fourth quarter of 2010, LFB will be the majority shareholder in BACB with a shareholding of 75.2%. -HSBC shares closed Friday at 648.6 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires June 18, 2010 11:55 ET (15:55 GMT)

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