SICO BSC has signed an agreement to acquire a 72.71% majority stake in Saudi-based Muscat Capital from Bank Muscat SAOG, enhancing its presence in the growing financial services sector in Saudi Arabia.

Information on the Target

SICO BSC, a prominent asset management and investment banking firm, has signed an agreement to acquire a 72.71% majority stake in Muscat Capital, a wholly owned subsidiary of Bank Muscat SAOG based in Saudi Arabia. This acquisition follows a comprehensive due diligence process and has received internal approvals from both parties as well as from the Central Bank of Bahrain.

Muscat Capital, known for its investment services and expertise in the financial market, plays a crucial role in the region's economic landscape. As a subsidiary of Bank Muscat, it benefits from a strong support network and is positioned well to enhance its service offerings post-acquisition.

Industry Overview in Saudi Arabia

The financial services industry in Saudi Arabia has witnessed significant growth in recent years, driven by economic diversification efforts under Vision 2030. The government is p