JEDDAH: The Saudi British Bank (SABB) and HSBC, its international joint venture partner, have concluded a transaction that cements their long-standing and successful partnership. HSBC Saudi Arabia, the wholesale and investment banking business majority-owned by HSBC, is to be merged with SABB Securities Limited, SABB's wholly-owned brokerage and custody business. The UK bank will have a 49 percent stake of the new entity, to be known as HSBC Saudi Arabia Ltd., while SABB will have a 51 percent stake. However, HSBC will retain full management control of the venture, the bank said Sunday. HSBC Saudi Arabia and SABB Securities had gross assets valued at a combined $188 million as of Dec. 31, 2010. HSBC said the merger is subject to regulatory approvals, and it expects the process to be completed by the end of this year.
