World Economy

JPMorgan Selling Stake in Saudi Bank

JPMorgan Selling Stake in Saudi BankJPMorgan Selling Stake in Saudi Bank

A subsidiary of JPMorgan Chase & Co has agreed to sell its minority stake in Saudi Investment Bank for 759.3 million riyals ($203 million), Saudi Investment Bank said in a statement on Sunday, Reuters reported. JPMorgan International Finance, which has held a minority stake in Saudi Investment Bank since 1976, will divest its holding by selling its shares back to Saudi Investment Bank, JPMorgan said in a separate statement about the deal. JPMorgan, which is the only US bank providing both commercial banking and securities services in the kingdom, did not disclose the size of the stake or the financial terms of the deal. JPMorgan is among the banks advising Saudi Aramco on an international public offering, that could be the world’s largest, and it is also seeking to benefit from other opportunities stemming from reforms being pushed by Crown Prince Mohammed bin Salman, who wants to make the kingdom less reliant on oil. The agreement involves shares being sold at 13.50 riyals each. The shares were trading 0.4% up at 17.80 riyals early on Sunday.

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