The investment vehicle of Saudi billionaire Prince Alwaleed bin Talal has announced the closing of its deal to aquire a stake in Banque Saudi Fransi.
Kingdom Holding Company's (KHC) CEO Talal Almaiman confirmed the completion of the deal to buy 16.2 percent stake for SR5.8 billion ($1.5 billion), positioning KHC as the largest shareholder in the bank.
Almaiman said: "This deal signifies one of the largest non-governmental deals in Saudi Arabia and the closing of this deal has increased our investments in Saudi Arabia from 23 percent to 34 percent.”
KHC acquired the 16.2 percent stake from Credit Agricole Corporate and Investment Bank.
Almaiman said that the investment in Banque Saudi Fransi represents "a core step in balancing KHC’s portfolio".
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