SABB completes purchase of HSBC stake in SABB Takaful

The Saudi British Bank (SABB) completed the acquisition of HSBC’s combined 32.5 percent shareholding in SABB Takaful on Thursday, after obtaining the required regulatory approvals, the bank said in a bourse statement.

The purchase price will be determined in accordance with the relevant regulations and procedures, the statement added.

With the completion of the transaction, SABB owns a total of 65 percent in SABB Takaful.

Financial impact of the transaction will be reflected in the bank’s 2017 results.

Employees and customers of the insurer will not be affected by the transaction, the Saudi-listed bank added.

SABB’s general assembly in September approved an agreement to acquire HSBC’s full stake of 32.5 percent in SABB Takaful Co.

The bank then said the agreement would have a value of SAR 117.79 million, at a price of SAR 10.66 per share.