The Capital Market Authority (CMA) has approved the formation of a full-service investment bank by HSBCand local affiliate Saudi British Bank (SABB), making it the first foreign bank to be granted a licence for such activities under the capital market law. The venture will now go to the Saudi Arabian General Investment Authority and the Commerce & Industry Ministry for approval.
The 60:40 joint venture will be called HSBC Saudi Arabiaand will be capitalised at SR 50 million ($13.3 million). It will carry out corporate finance, asset management and investment banking services and will manage the existing brokerage business of SABB. The bank, which will be headquartered in Riyadh, has been planned for some time (MEED 12:12:03). Brokerage licences were also granted in mid-November to Saudi-Swiss Financialand Osul Financial. It follows the issue by the CMA of the first licences for investment advisory services in October (MEED 21:10:05).
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