JP Morgan’s exit from SAIB ‘positive’ for shareholders, says CEO

J.P. Morgan International Finance’s plan to sell its stake in Saudi Investment Bank (SAIB) will be “positive” for existing shareholders, chief executive officer, Musaed Al-Mineefi, told Al-Arabiya TV.

SAIB’s investments in government debt instrument increased, he said.

Saudi Arabia’s banks are likely to see more growth, driven by the next year’s budget draft. The strong resilience of the banking system helped it overcome major challenges over the past decade.

“Future challenges will arise from the use of technology, namely FinTech. The banking sector has started to deal with these challenges, contributing to support fiscal inclusion, along with other diverse FinTech activities, such as finance, financial analyses,” Al-Mineefi added.

JPMorgan International Finance, a subsidiary of JPMorgan Chase, has held a minority stake in SAIB since 1976, Argaam earlier reported.