SAIB Sells 50% American Express Stake for SAR 1.43bn

The Saudi Investment Bank (SAIB) has signed an agreement to sell its entire 50% shareholding in American Express Saudi Arabia to its joint-venture partner, Amex (Middle East) B.S.C.(c), for SAR 1,430.11 million payable in cash at completion. The deal was disclosed through the Saudi Exchange issuer announcements platform under SAIB's listed profile between July and September 2026, and remains agreed but pending completion.

Under the terms, the purchase consideration of about SAR 1,430.11 million (roughly USD 381.36 million) will be paid in cash, alongside additional deferred consideration representing SAIB's share of distributable profits generated by American Express Saudi Arabia from the signing of the transaction until the share transfer is completed.

Once the sale closes, SAIB will fully exit the joint venture and the cards business in Saudi Arabia, while Amex Middle East becomes the sole owner of American Express Saudi Arabia, which is a closed joint stock company previously held on a 50/50 basis between the two partners.

The book value of SAIB's 50% stake as of 30 November 2025 stood at about SAR 637.7 to 638 million, and the bank expects to record a gain of roughly SAR 792 million from the transaction. Pricing and the deferred payment mechanism are governed by an existing Shareholders' Agreement between the two parties.

Completion is subject to obtaining the required regulatory approvals in Saudi Arabia, handled through formal regulatory and capital-market disclosure channels. For residents and businesses, the deal signals continued consolidation in the local payment cards market, though card services and existing customer relationships are expected to continue as usual under the new ownership structure.

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