SABB Takaful announces development in shareholding structure

20/08/2017 13:20 AST

On 17 Aug 2017, SABB Takaful (the Company) was informed that HSBC Asia Holdings BV and certain other wholly-owned subsidiaries * of HSBC Holdings plc (together HSBC) have reached an agreement with the Saudi British Bank ( SABB) for the sale of their combined 32.5% shareholding in the Company to SABB.

Completion of the transaction is subject to regulatory approvals and approval by SABB shareholders at a general assembly of SABB and is expected to occur during the second half of 2017. Following completion of the transaction, SABB will hold 65.0% of the share capital of the Company.

The Company expects this transaction to result in a stronger strategic alignment between the two companies. The Company generated SAR194m gross written contributions in 2016 and as at year-end 2016 had total assets of SAR860m. Employees and customers of the Company will not be affected by the transaction.

The other wholly-owned subsidiaries referred to are Canada Crescent Nominees (UK) Limited, Canada Square Nominees (UK) Limited and Canada Water Nominees (UK) Limited)

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