The Ordinary General Assembly of the Saudi British Bank (SABB), held last week at the bank’s headquarters in Riyadh, approved the Board of Directors“ recommendation to acquire HSBC’s entire 32.5% stake in SABB Takaful.

In this context, Khalid Al-Olayan, Chairman of SABB’s Board of Directors, explained that the bank is focused on growing its business and maximizing returns for its shareholders, which requires us to constantly and continuously seek out more favorable opportunities that enable us to diversify our investment and revenue base and expand the bank’s activities, which is the reason behind the bank’s management inviting you today to attend the Ordinary General Assembly meeting regarding the bank’s acquisition of HSBC Group’s entire 32.5% stake in SABB Takaful.

Al-Olayan highlighted the prestigious standing and resilience of the Saudi economy, as well as its continued successes, thanks to the support provided by the Custodian of the Two Holy Mosques and his trusted Crown Prince, and their constant backing and encouragement to advance economic development in our beloved Kingdom.

It is worth noting that during 2016, SAB Takaful achieved total written premiums of 194 million riyals from the company’s family and general takaful business. The company’s total assets as of the end of 2016 amounted to 860 million riyals.