GO
Loading...

Enter multiple symbols separated by commas

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

  • Why women cheat?

    Is cheating bad? Why do women cheat? The founder and CEO of affair website Ashley Madison tells all, including why he has his eye on China.

  • American Pharoah

    As American Pharoah chases the Triple Crown at the Preakness this Saturday, his earning potential can only go up.

  • Banking on your brand: Mika Brezezinski

    Mika Brezezinski, "Morning Joe" co-host, talks about giving women, entrepreneurs and millennials the tools to live and work to their full potential.

U.S. Video

  • Cramer: Here's a sign the market could rally

    Wall Street's been soaking in red, but "Mad Money" host Jim Cramer has one signal to watch for that could point to another run.

  • Burger war maneuvers

    Cramer looks at the number of company's selling burgers and tries to determine the quality names, as well as those to avoid.

  • Cramer: What's driving defense?

    Cramer says that even though President Obama has made it clear the US can no longer be the world's policeman, the country can become the world's arms dealer. Profiting from defense spending.