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HSBC Holdings PLC — M&A Activity 2011
Jun 27, 2011
5161_ffr_2011-06-27_40f506ff-1e17-42cf-ad3f-7bb6ec616253.zip
M&A Activity
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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of June
HSBC Holdings plc
42 nd Floor, 8 Canada Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ..............).
26 June 2011
HSBC SAUDI ARABIA TO MERGE WITH
SABB SECURITIES LIMITED
HSBC Saudi Arabia, the wholesale and investment banking business majority-owned by HSBC Asia Holding BV (HSBC), is to be merged with SABB Securities Limited (SASL), the wholly-owned brokerage and custody business of The Saudi British Bank (SABB).
SABB will have a 51% share of the new entity, to be known as HSBC Saudi Arabia Ltd, and HSBC 49%, although HSBC will retain full management control. HSBC Saudi Arabia and SASL had gross assets valued at SAR433,763,827 (US$115,670,354) and SAR272,806,541 (US$72,748,411) respectively at 31 December 2010.
The merger, which is subject to regulatory approvals, is expected to complete by the end of 2011.
| Media enquiries to : — Tim Harrison, HSBC Middle East | +971-4-423 5632 | [email protected] |
|---|---|---|
| Ibrahim Abo-Mouti, SABB | +966 (1) 276 4041 | [email protected] |
| Investor Relations enquiries to: | [email protected] |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 27 June, 2011