The Netherlands sells remaining stake in SABB

21/11/2019 Argaam

 

The Dutch Ministry of Finance announced on Thursday selling its last remaining stake in Saudi British Bank (SABB) at SAR 28 per share, Reuters reported.

 

The Dutch state divested more than 75 million shares, since it announced its intention to wind down its holding in the Saudi bank on May 22, 2019.

 

The Netherlands acquired its stake in SABB with the nationalization of the Dutch operations of Belgian bank Fortis in 2008, a year after Fortis took over large parts of Amsterdam-based ABN Amro Bank.

 

On Nov. 14, SABB saw 2 negotiated deals on its stock. A total of 55 million shares were privately traded at a negotiated price of SAR 28 per share at a total value of SAR 1.54 billion.

 

SABB merged with Alawwal Bank last May to create the third-largest lender by assets in the Kingdom.

 

ABN Amro used to own 40% of Alawwal Bank before the merger.

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