Saudi central bank governor expects more competition, growth in fintech

Saudi central bank governor expects more competition, growth in fintech
Saudi central bank governor expects more competition, growth in fintech

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Jeddah - Yasmine El Tohamy - NatWest Markets Plc, Banco Santander S.A. to sell 5.6% of SABB

DUBAI: Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia announced receiving a notification from NatWest Markets Plc and Banco Santander S.A. about the proposed secondary sale of up to nearly 116 million ordinary shares, or 5.6 percent of The Saudi British Bank (SABB).

Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia are acting as joint bookrunners and joint brokers for the deal.

HSBC Holdings B.V. and Olayan Saudi Investment Company Limited have showed interest in participating in the placing at a price of SAR 22.10 ($5.89) per share through purchasing 36.99 million and 42.37 million shares, respectively; highlighting the long-term strategic nature of their shareholdings in SABB.

The respective affiliates of the joint bookrunners, Citigroup Global Markets Limited and Goldman Sachs International, have agreed where applicable, following pricing of the sale, to acquire the shares from NatWest Markets Plc and Banco Santander S.A., by way of negotiated deals following which the shares will be sold at the offer price by Citigroup Global Markets Limited and Goldman Sachs International to end-investors through negotiated deals.

The initial sale of the shares to Citigroup Global Markets Limited and Goldman Sachs International and the onward sale of the shares to end-investors will each be recorded as separate trades on Tadawul.

The placing will launch immediately following this announcement.

The placing shares may be sold to institutional investors inside and outside the Kingdom of Saudi Arabia, including to institutional investors outside the US in accordance with Regulation S under the US Securities Act of 1933 and to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act.

Under the terms of the placing, Natwest Markets Plc and Banco Santander S.A. have agreed not to dispose of any remaining shares that they own in SABB for a period of at least 90 days.

The foregoing shall not apply to the sale of shares pursuant to the Placing, or a sale or transfer by Natwest Markets Plc and Banco Santander S.A. of equity securities of SABB, other than a sale or transfer involving a general or public offer or distribution of equity securities, provided that the buyer or transferee shall give a written undertaking to Citigroup Global Markets and Goldman Sachs International to comply with the above restrictions applicable to NatWest Markets Plc and Banco Santander S.A. for the remainder of the above lock-up period.

SABB will not receive any proceeds from the placing.

The transfer of shares remains subject to the results of the accelerated bookbuild process, the execution of the negotiated deals with the potential end-investors and the successful settlement of such transactions.

Goldman Sachs Saudi Arabia and Citigroup Saudi Arabia will announce any further material developments, including the amount of shares, if any, being sold and the sale price thereof, the statement added.

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