The Saudi British Bank (SABB) announced the signing of an agreement with the Private Wealth Investment Holding Company to sell its entire stake in the National Insurance Company.
The bank said in a statement to the Saudi market (Tadawul), today, Thursday, that the agreement for the sale and purchase of shares includes the sale of the bank's entire stake in Al-Watania Insurance for 80 million riyals.
The bank clarified in the statement that its share in Wataniya Insurance is 4 million ordinary shares, equivalent to 20% of the company's capital.
(SABB) stated that the deal does not include any special conditions, explaining that it does not expect the deal to have any material impact on the bank or its operations.
The bank stated that it would use the proceeds of the transaction for its general commercial purposes.
