Credit Suisse picked to sell RBS stake in Saudi Hol­landi Bank

Kuwait Times - - BUSINESS -

Credit Suisse has been ap­pointed to sell Royal Bank of Scot­land’s 40 per­cent stake in Saudi Hol­landi Bank, sources aware of the mat­ter said yes­ter­day, in a deal po­ten­tially worth around $1.2 bil­lion. Sev­eral sources said Saudi Ara­bia’s sov­er­eign wealth fund, the Pub­lic In­vest­ment Fund (PIF), was con­sid­ered a likely buyer of the stake.

The fund has been buy­ing up as­sets at home and abroad fol­low­ing plans to turn it into the world’s largest sov­er­eign wealth fund with $2 tril­lion of as­sets. The sale would be an op­por­tu­nity for a for­eign buyer to gain a foothold in the king­dom’s bank­ing sec­tor, in which 12 com­mer­cial lenders share to­tal as­sets worth around 2.22 tril­lion riyals ($592 bil­lion). But bank­ing sources ex­pect the hold­ing to go to a do­mes­tic player. Spokes­peo­ple for RBS and the PIF de­clined to com­ment. A spokes­woman for Saudi Hol­landi did not re­spond to a re­quest for com­ment. —Reuters

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