HSBC Holdings To Merge Saudi Arabian Unit With SABB Securities

HSBC Holdings PLC HBC announced its plans to merge its Saudi Arabian wholesale and investment banking unit with SABB Securities Ltd. SABB will have a 51% stake of the new entity, to be known as HSBC Saudi Arabia Ltd. HSBC expects the merger to complete by the end of this year. HSBC shares dropped 0.39% to close at $48.24 on Friday. Read more from Benzinga's Company news.