Middle East Economic Survey

VOL. XLVIII

No 48

28-November-2005

SAUDI ARABIA

HSBC, Saudi British Bank Launch First Independent Investment Bank

Saudi Arabias Capital Market Authority (CMA) has approved the creation by HSBC and Saudi British Bank (SABB) of an independent investment bank in the kingdom. HSBC, through a wholly-owned subsidiary, will hold 60% of the joint-venture limited liability company while SABB (40% owned by HSBC), will hold the remaining 40%. The joint venture, to be called HSBC...