J.P Morgan subsidiary to sell Saudi Investment Bank stake for $203 million

A subsidiary of JPMorgan Chase & Co has agreed to sell its minority stake in Saudi Investment Bank for 759.3 million riyals ($203 million), Saudi Investment Bank said in a statement on Sunday.
JPMorgan International Finance, which has held a minority stake in Saudi Investment Bank since 1976, will divest its holding by selling its shares back to Saudi Investment Bank, JPMorgan said in a separate statement about the deal.
JPMorgan, which is the only US bank providing both commercial banking and securities services in the kingdom, did not disclose the size of the stake or the financial terms of the deal.