SABB completes $319m business deal between HSBC and Alawwal

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Updated 18 September 2022
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SABB completes $319m business deal between HSBC and Alawwal

RIYADH: Saudi British Bank has completed a deal to trade certain lines of business between HSBC Saudi Arabia and Alawwal Invest Co. 

The deal, which is valued at SR1.2 billion ($319 million), involves lines of business including asset management, retail margin lending, and retail brokerage, which are estimated to be worth approximately SR767 million.

In May, SABB announced that its two affiliates, HSBC Saudi Arabia, which it owns 49 percent of, and Alawwal Invest, which it owns 100 percent of, had signed a deal to trade certain business lines.  

The deal is subject to post-completion modifications, as agreed between the parties involved, according to a bourse filing.


Syria accuses Hezbollah of firing shells into its territory

Updated 56 min 43 sec ago
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Syria accuses Hezbollah of firing shells into its territory

  • “The Syrian Arab Army will not tolerate any aggression targeting Syria,” the army said in a statement to SANA

DAMASCUS: Syria said Iran-backed Hezbollah had fired artillery shells into its territory from Lebanon overnight, state media reported on Tuesday, amid the ongoing conflict between Israel and the Lebanese Shia movement.
Syrian army officials said artillery shells fired from Lebanon landed near the town of Serghaya, west of Damascus, the state news agency SANA reported on Tuesday.
The army accused Hezbollah of targeting Syrian army positions, telling the news agency it observed Hezbollah reinforcements at the Syrian-Lebanese border.
“The Syrian Arab Army will not tolerate any aggression targeting Syria,” the army said in a statement to SANA.
Lebanon was drawn into the Middle East war last week when Hezbollah attacked Israel in response to the killing of Iranian supreme leader Ayatollah Ali Khamenei during US-Israeli strikes.
Hezbollah and Israeli forces have clashed in eastern Lebanon in recent days, and Israel has carried out strikes across Lebanon, including on the capital Beirut.
Lebanese President Joseph Aoun accused Hezbollah of working to “collapse” the state, while the head of the group’s parliamentary bloc said it had “no other option... than the option of resistance.”
Hezbollah provided military support to former Syrian president Bashar Assad, who was overthrown in December 2024 by an Islamist coalition hostile to the pro-Iranian Shia movement.
Since then, its supply routes from Syria have been cut off, and Lebanese and Syrian authorities are trying to combat smuggling across the porous border between the two countries.