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HSBC Saudi unit to merge with Sabb Securities

Europe's biggest bank, HSBC Holdings, has announced it will merge its Saudi wholesale and investment banking business with Saudi British Bank's Sabb Securities, Reuters has reported. According to the deal, Sabb would own 51% of the new entity, to be known as HSBC Saudi Arabia, but HSBC would retain full management control, HSBC said. The partnership will be a full service investment bank in Saudi Arabia undertaking asset management, advisory and debt capital market activities among other services, the lender said.