Saad Group chairman Maan al-Sanea has reduced his stake in Saudi Arabia’s Samba by at least 2.8 percentage points, according to a filing on the Saudi Stock Exchange (Tadawul).

Al-Sanea has dropped out of a list of shareholders with at least 5 per cent of the bank. He previously held a 7.8 per cent stake in the bank.

Saad Group is currently embroiled in several lawsuits relating to defaults on debts expected to total more than $20bn. The debts relate to Saad Group, its subsidiaries and another Saudi family group, Ahmad Hamad al-Gosaibi & Brothers.

Al-Sanea has also sold the stakes he owned in UK-based house builder Berkleley Group and in investment fund 3i Infrastructure following the problems at Saad Group.