HSBC will transfer its Saudi-based asset management business to Alawwal Invest, a subsidiary of Saudi British Bank (SABB).
HSBC Saudi Arabia is owned by the HSBC Group (51%) and SABB (49%).
The agreement will see HSBC Saudi Arabia’s asset management, retail brokerage and retail margin lending businesses transferred to Alawwal Invest.
The transaction, which includes staff, is expected to be completed during 2022.
“[The transaction] will allow Alawwal Invest to acquire scale and significantly enhance its position in the asset management and retail brokerage businesses in the Kingdom,” said Mazen Bunyan, chief executive of Alawwal Invest.
The decision comes just months after Stephen Moss was appointed as chief executive for the Middle East North Africa and Turkey (Menat) region.
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