HSBC Asia Holdings B.V. signed a binding agreement to acquire 2% stake in HSBC Saudi Arabia Limited from The Saudi British Bank (SASE:1060) for SAR 36 million on April 18, 2019. Under the transaction, HSBC Asia will acquire 1 million shares in the share capital of HSBC Saudi Arabia. As a result of the transaction, the holding of HSBC Asia Holdings B.V. in HSBC Saudi Arabia will increase to 51% and The Saudi British Bank will hold 49% stake in HSBC Saudi Arabia. Completion of the Transaction is subject to certain agreed contractual conditions and shareholder and regulatory approvals, including the approval of the CMA. The Saudi British intends to use the proceeds from the sale to support its activities generally. The transaction is not expected to have a material effect on The Saudi Britishs day to day operations.