GO
Loading...

Saudi Investor Buys 3.3 Billion Pound HSBC Stake

A Saudi Arabian investor has bought a 3.3 billion pound ($6.6 billion) stake in Europe's biggest bank HSBC Holdings in the past two months, and sees the stake as a long-term investment, his spokesman said.

A regulatory filing said Maan al-Sanea owned 360 million HSBC shares, or a 3.1% stake, through Singularis Holdings, an investment company based in the Cayman Islands.

Sanea started buying the shares in mid-February, after problems in HSBC's U.S. mortgage business hit its share price, a spokesman for Singularis told Reuters. He declined to comment whether Sanea would continue buying shares.

Sanea has long-term shareholdings in other big financial firms, including Citigroup, Bank of China and several Middle East firms, the spokesman said.

He is also the man behind Saad Investments, another investment firm based in the Cayman Islands, but that is not linked to Singularis's purchase of HSBC shares.

HSBC shares were up 1.3% to 930 pence, valuing it at 107 billion pounds. Its shares fell as low as 865 pence last month.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Apple earnings all about iPhone

    Chris Caso, Susquehanna Financial, shares his outlook on iPhone sales, and discusses this thoughts on Apple's second quarter due out Monday after the closing bell.

  • Women in the war zone

    Gayle Tzemach Lemmon, "Ashley's War" author, talks about the first all-army, all-female team to serve and die alongside special operations on the battlefield.

  • SNL star hosts WH press dinner

    CNBC's John Harwood reports highlights from the White House correspondents' dinner.