Saudi tycoon snaps up stake in HSBC

A Saudi Arabian tycoon today emerged as a major shareholder in HSBC after spending £3.3bn (€4.84bn) on a 3.11% stake in Europe's biggest bank.

Mon, 16 Apr, 2007 - 18:08

A Saudi Arabian tycoon today emerged as a major shareholder in HSBC after spending £3.3bn (€4.84bn) on a 3.11% stake in Europe's biggest bank.

The acquisition saw the billionaire investor, Maan al-Sanea, pick up around 360 million shares in the banking giant through Singularis Holdings, an investment company based in the Cayman Islands.

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