BNP Paribas buys into Saudi asset management firm

France's BNP Paribas has bought a 25 per cent stake in SAIB Asset Management Company, an affiliate of Saudi Investment Bank, the Saudi bourse's regulator said on Monday.

SAIB will change its name to become SAIB BNP Paribas for Asset Management, the Capital Market Authority (CMA) said in a statement posted on the bourse's website.

SAIB Asset Management has obtained a CMA licence to operate in asset management and offer custody and advisory services.
SAIB invests 35 per cent of its assets in Saudi Arabia, 34 per cent in the United Arab Emirates, 18 per cent in Kuwait, eight per cent in Qatar and four percent in Bahrain, managing director Saud Saleh Al Saleh said in remarks published last month.

After the transaction, Saudi Investment Bank will keep a 55 per cent stake in SAIB BNP Paribas for Asset Management, the Saudi bank said in a seprate statement.

Swiss UBS AG said last month it would start an investment and corporate banking affiliate in Saudi Arabia this year after it teamed up with local Development and Management House for Investments Company.

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