SABB (Saudi bank)

The Saudi British Bank (SABB) (Arabic: البنك السعودي البريطاني (ساب)‎) is a Riyadh-based Saudi joint stock company in which British banking firm HSBC Holdings PLC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, SABB was created in 1978 to manage HSBC branches and assets in the country.

SABB (Saudi bank)

The Saudi British Bank (SABB) (Arabic: البنك السعودي البريطاني (ساب)‎) is a Riyadh-based Saudi joint stock company in which British banking firm HSBC Holdings PLC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, SABB was created in 1978 to manage HSBC branches and assets in the country.