JPMorgan Chase is proposing to sell its stake in Saudi Investment Bank back to the Riyadh-based bank. The sale price is at a 24% discount. This is part of the bank’s plan to sell its non-core holdings globally. The investment bank will buy the 7.5 per cent stake, which JPMorgan held for more than 40 years, for $203 million, it said in a statement. JPMorgan is the only US bank with both investment and commercial banking licences. The bank said in a statement globally it has wound-down non-core holdings and projects over the past several years, and this proposed sale is consistent with that consolidation effort. Saudi Investment Bank is the 9th biggest Saudi lender out of 12 domestic banks with $24.4 billion in assets.
