SABB expects affiliates to complete business transfer deal in 2022

Saudi British Bank (SABB) expects that the agreement on the transfer of asset management, brokerage services and retail lending from HSBC Saudi Arabia to Alawwal Invest Co. to be completed in 2022, after obtaining the necessary approvals.

In a statement, the bank added that HSBC Saudi Arabia's employees will move to Alawwal, noting that all support functions will also be transferred to ensure the smooth transfer of business.

David Dew, SABB's managing director, said the deal allows the bank to expand strategically to provide its services to a large customer network spread across the Kingdom.

He added that the move will also help the clients achieve long-term goals, as it provides them access to one of the leading platforms in wealth and asset management in Saudi Arabia.

SABB announced today, May 18, that its two affiliates -- HSBC Saudi Arabia (seller) and Alawwal (buyer) -- signed an agreement on transfer of business, at an estimated value of SAR 766.5 million, Argaam reported.