Financial and Banking News

REGIONAL BANKING

NIC Buys Part of Chase's Stake in SAIB

According to press reports last week the National Industrialization Company (NIC) of Saudi Arabia will purchase a 5% stake in Saudi Investment Bank (SAIB), a Riyadh-based joint venture bank in which Chase Manhattan is the largest foreign shareholder. Chase's share in SAIB was originally 20%, and it has indicated its desire to sell all or part of this stake for some time. Under the terms of the...