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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)
Tadawul
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19/02/2015
SABB Takaful was Named "Best Takaful Company in the Kingdom of Saudi Arabia for 2014" at the MENA Insurance Awards event held in Dubai recently. The prestigious event was attended by a group of major
Saudi Gazette
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Financial Information Co.
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