The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause
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HSBC Holdings PLC is set to reaffirm its position in Saudi Arabia with the takeover of Royal Bank of Scotland Group PLC's local venture as lenders bet on the kingdom's ambitious plans to transform its economy. In the country's first bank merger in almost 20 years, HSBC affiliate Saudi British Bank offered to take over RBS-backed Alawwal Bank in a $5 billion stock deal. HSBC is already one of the most active international banks in the kingdom through its local investment banking unit – HSBC Saudi Arabia Ltd., in which the London-based lender owns a 49 percent stake.HSBC owns 40 percent of SABB.
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