Middle East Economic Survey
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...