Sunday, 24 June 2018
JPMorgan to sell $203-million stake in Saudi Arabia bank
Dubai: JPMorgan Chase & Co plans to sell its stake in Saudi Investment Bank back to the Riyadh-based lender at a 24% discount as it exits non-core holdings globally.Saudi Investment Bank signed an agreement to buy the 7.5% stake, which JPMorgan held for more than 40 years, for $203 million, according to a statement on Sunday.The Saudi bank will pay 13.5 riyals a share and will hold the stock as treasury stock that’ll be reissued as preferential shares at a later date.JPMorgan is one the biggest foreign banks in Saudi Arabia and the only US lender with both investment and commercial banking licenses.from The Economic Times https://ift.tt/2Mncm1V
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