Saudi British Bank (SABB) has sold its complete stake in Wataniya Insurance Company to Private Wealth Investment Holding Company for SAR 80 million (USD 21.3 million).
The contract was authenticated on December 22, 2021. The sale encompasses 4 million ordinary shares, representing 20% of Wataniya’s share capital, the bank stated in a filing on 23rd December 2021 (Thursday).
The earnings of the transaction will be utilized by the bank for all-purpose corporate endeavours and do not entail any distinct conditions, SABB stated.
The Saudi British Bank, which first introduced the sale in July 2021, does not assume the transaction to result in a material impact on the bank or its operations.
About Saudi British Bank
SABB hints its heritage in Saudi Arabia to almost 70 years ago, during which time it has been a dynamic partner aiding the Kingdom’s economic maturity and social development. A subordinate of the HSBC Group, SSAB is one of the pioneering corporate and institutional international banks in the Kingdom of Saudi Arabia, with a top-notch retail banking and wealth management scheme. SSAB is also a pioneering player in foreign exchange, trade finance, equity & debt wholesale banking, and advisory.
SABB lawfully began activities on 1st July 1978 when it acquired the operations of The British Bank of the Middle East in Saudi Arabia.