In reference to The Saudi British Banks (SABB) announcement published on Tadawul on Sunday 20 August 2017, regarding SABB entry into agreement with HSBC Asia Holdings BV and certain other wholly-owned subsidiaries of HSBC Holdings plc (together HSBC), to purchase HSBC combined 32.5% shareholding in SABB Takaful at a purchase price of SAR 10.66 per share, totaling SAR 117,793,000.

The Saudi British Bank (SABB) announces the completion of the transaction to purchase of HSBC combined 32.5% shareholding in SABB Takaful on Thursday, 23 November 2017, after obtaining the approval of the general assembly of SABB which was held on Wednesday 27 September 2017 and the required regulatory approvals. The purchase price will be settled in accordance with the relevant regulations and procedures.

With the completion of the transaction, SABB owns as of this date a total of 65% of the share capital of SABB Takaful. The financial impact of the transaction will be reflected in SABB annual financial statement 2017. The transaction is expected to result in stronger strategic alignment between the two companies. Employees and Customers of the Company will not be affected by the transaction.