A Saudi Arabian investor has bought a 3.3-billion-pound ($6.6 billion) stake in British bank HSBC Holdings in the last two months, and sees the stake as a long-term investment, his spokesman said.
A regulatory filing said Maan Al-Sanea owned 360 million HSBC shares, or a 3.1 percent stake, through Singularis Holdings, an investment company based in the Cayman Islands.
He started buying the shares in mid-February, after problems in HSBC’s U.S. mortgage business hit its share price, a spokesman for Singularis told Reuters.
HSBC bought Household International after problems with the law and predatory lending allegations drove Household’s stock price way down. Now the same unit is driving HSBC’s stock price way down. When will HSBC learn that bringing bad apples into the barrel will spoil the whole lot?
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