WIKIFX REPORT: Alawwal Invest (AI) enters into an agreement with HSBC Saudi Arabia

　　Alawwal Invest has entered into an agreement to Transfer HSBC Saudi Arabias Asset Management, Retail Brokerage and Retail Margin Lending businesses (together, the “Transferring Businesses”).

　　Alawwal Invest is a wholly owned subsidiary of SABB. HSBC Saudi Arabia is owned 51% by HSBC Group and 49% by SABB. HSBC Group is the single largest investor in SABB with a 31% shareholding.

　　The transfer of the businesses is expected to complete during 2022 Gregorian calendar year [1443 Hijri], subject to necessary approvals. All HSBC Saudi Arabia teams that are part of the Transferring Businesses and their supporting functions will also transfer to Alawwal Invest, ensuring customers have a seamless transition.

　　David Dew, SABB‘s Managing Director, added “The transaction enables SABB to strategically widen our service offering to our large base of clients across the Kingdom. It takes us one step closer to fulfilling our commitment towards helping our customers achieve long-term value creation by giving them access to one of Saudi Arabia’s leading wealth and asset management platforms.”

　　Mazen Bunyan, Chief Executive Officer of Alawwal Invest, said “This transaction is truly transformational for Alawwal Invest. It will allow Alawwal Invest to acquire scale and significantly enhance its position in the asset management and retail brokerage businesses in the Kingdom. We look forward to welcoming HSBC Saudi Arabias customers, and the world-class teams servicing them, to the Alawwal Invest family.”

　　Alawwal Invest is a leading provider of Investment management solutions to private and institutional clients in Saudi Arabia. As a wholly-owned subsidiary of SABB, Alawwal Invest aims to provide its clients with a seamless experience across both the core banking and wealth management propositions, as well as access to Local or International Brokerage platforms, and a comprehensive range of world-class investment opportunities.

　　SABB is one of the largest banks in the Kingdom, with 1.54 million retail customers, and a 114 branch network. Its strategic relationship with HSBC gives SABB customers unique access to a global banking network.