HSBC Saudia Arabia merges with SABB Securities Ltd

26 June 2011

HSBC SAUDI ARABIA TO MERGE WITHSABB SECURITIES LIMITED

HSBC Saudi Arabia, the wholesale and investment banking business majority-owned by HSBC Asia Holding BV (HSBC), is to be merged with SABB Securities Limited (SASL), the wholly-owned brokerage and custody business of The Saudi British Bank (SABB).

SABB will have a 51% share of the new entity, to be known as HSBC Saudi Arabia Ltd, and HSBC 49%, although HSBC will retain full management control. HSBC Saudi Arabia and SASL had gross assets valued at SAR433,763,827 (US$115,670,354) and SAR272,806,541 (US$72,748,411) respectively at 31 December 2010.

The merger, which is subject to regulatory approvals, is expected to complete by the end of 2011.