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A&O advises NatWest Markets plc and Banco Santander S.A. on their disposal of shares in Tadawul-listed Saudi British Bank

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Ward Ben
Ben Ward

Partner

Dubai

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Bloch Michael
Michael Bloch

Partner

London

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14 December 2020

Allen & Overy has advised NatWest Markets plc (NWM) and Banco Santander S.A (Santander) in connection with their USD682.8 million disposal of shares in Tadawul-listed The Saudi British Bank (SABB) by way of an accelerated bookbuild.

In total, the SABB shares sold in the trades represented approximately 5.6% of SABB’s issued share capital. Saudi Arabian law firm Khoshaim & Associates advised on Saudi Arabian law elements of the transaction.

NWM and Santander had obtained their shares in SABB as a result of the Alawwal Bank and SABB merger in 2018. Prior to the merger, NWM and Santander held shares in SABB’s smaller rival Alawwal Bank and subsequently became direct shareholders of approximately 7.1% of SABB’s issued share capital. This transaction is the second of two recent and unprecedented accelerated bookbuilds pursuant to which NWM and Santander have now sold down their entire shareholding in SABB. The first accelerated bookbuild, of approximately 1.5% of SABB’s issued share capital owned by NWM and Santander, took place in September this year following the expiry of a post-merger lock-up period. Allen & Overy has advised NWM and Santander in connection with both the 2018 Alawwal Bank and SABB merger and the initial accelerated bookbuild in September.

Goldman Sachs International (GSI) and Citigroup Global Markets Limited (Citi) acted as joint bookrunners and their Saudi Arabian entities acted as executing brokers.

We are really pleased to have advised on this unprecedented transaction, where our team was able to bring their expertise to navigate its complex structure.

Ben Ward, Partner

The A&O team was led by Corporate partners Ben Ward in Dubai and Michael Bloch in London. They were supported by corporate partners Seth Jones and Jeff Hendrickson, associates Aria Howorth Oram and Yara Owayyed in London and associates Alejandro Grima and Jaime Begara in Madrid.