May 2, 2018 / 9:32 AM / 4 months ago

HSBC mandated on several privatisations in Saudi Arabia - executive

RIYADH (Reuters) - British bank HSBC (HSBA.L) has been mandated for several privatisations in Saudi Arabia and will announce them very soon, a senior bank executive said on Wednesday.

FILE PHOTO: An HSBC bank call centre floodlit in rainbow colours for Malta Gay Pride Week in Swatar, Malta, September 7, 2017. REUTERS/Darrin Zammit Lupi/File Photo

The Saudi government is working on a pipeline of privatisations as part of economic reforms aimed at diversifying the economy away from oil.

Speaking at a business conference in Riyadh, Samir Assaf, HSBC’s chief executive of global banking and markets, said HSBC was “very much contributing to the privatisation programme”.

He also said Saudi Arabia had “huge potential” in further developing a trade corridor with Asia.

Reporting by Stephen Kalin and Tom Arnold, writing by Davide Barbuscia; editing by Jason Neely

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