The world's local bank
HSBC announces joint investment bank venture in Saudi Arabia
21 November 2005
HSBC’s plans to establish the first full-service, independent investment bank in The Kingdom of Saudi Arabia have been approved by The Saudi Arabian Capital Market Authority.
The decision by the newly-established regulator of the stock exchange and capital markets is a fitting celebration of HSBC’s 55th year in Saudi Arabia.
The joint venture with The Saudi British Bank (SABB), of which the world’s local bank has a 40 per cent shareholding, will be known as HSBC Saudi Arabia Limited. It will provide corporate finance and asset management advisory services to corporations and institutions in Saudi Arabia as well as investment advisory services to individual investors. In addition, the new company will manage SABB’s domestic and international equity brokerage and security services businesses.
Its corporate finance units will provide a wide range of services related to the issuance of initial public offerings, rights issues, private placements and Islamic and conventional debt securities. The joint venture will also provide project finance, privatisation, and merger and acquisition advice to a broad range of clients.
Stephen Green, Group Chief Executive of HSBC Holdings plc, said: "This year marks the 55th year of HSBC’s continuous presence in the Kingdom of Saudi Arabia, first through The British Bank of the Middle East and then through The Saudi British Bank. We are optimistic about the long-term prospects for growth in the Saudi Arabian economy and look forward to providing investment banking and asset management expertise and products to the local market."
Sheik Abdullah Al-Hugail, Chairman of The Saudi British Bank, said: "We recognise and appreciate the significant value added by HSBC to the capabilities of The Saudi British Bank. We are pleased to be able to bring to our clients in Saudi Arabia an even broader level of global expertise through the establishment of this new investment banking vehicle."
Related links
Related links
Related links
Useful tools
Increase font
Decrease font