Q1. Why are you transferring my account / holdings to Alawwal Invest?
HSBC Saudi Arabia entered into an agreement to transfer its Asset Management, Retail Brokerage and Retail Margin Lending businesses (together, the “Transferring Businesses”) to Alawwal Invest, a wholly owned subsidiary of the Saudi British Bank (“SABB”). This is why your account / holdings have been transferred to Alawwal Invest.
Q2. Why has it been transferred to Alawwal Invest not SABB?
Alawwal Invest, is a wholly owned subsidiary of the Saudi British Bank (“SABB”) regulated by the Capital Markets Authority. SABB (Saudi British Bank) is a commercial bank, that offers products and services outside of the scope of individual investors, hence, HSBC Saudi Arabia’s Asset Management, Retail Brokerage and Retail Margin Lending Businesses have been transferred to Alawwal Invest, which is licensed by the CMA to deal with these products and services.
Q3. What if I want to maintain my relationship with HSBC Saudi?
As per the entered agreement, HSBC Saudi Arabia no longer deals in Asset Management, Retail Brokerage and Retail Margin Lending businesses. However, Alawwal Invest, which is a wholly owned subsidiary of the Saudi British Bank (“SABB”) will continue to serve your investment needs, while striving to enhance digital capabilities and maintaining customer connectivity across all branches.
Q4. Do I need to fill a new ‘Know Your Customer’ - KYC /on-boarding form with Alawwal Invest?
No clients who have a valid / updated KYC, do not have to fill in new KYC / On-boarding forms with Alawwal Invest. However, in the case of an expired KYC, customers need to update their details with Alawwal Invest to ensure that their KYC is up to date and in line with regulations.
Q5.Do I need to update my ID information?
No, you don’t have to update your ID information if it is still valid, however, if your ID has expired, you will be notified to update your new ID’s expiry date.
Q6. Do I need to add my SABB Account as a beneficiary in Alawwal Invest?
No, your SABB Account has automatically been added as a beneficiary in Alawwal Invest. You can view your account on Alawwal Invest channels.
Q7. Can I be avail Alawwal Invest services through SABB Branches?
Yes, you can use Alawwal Invest services through all SABB branches Kingdom-wide.
Q8. Is there any change in the existing HSBC Saudi Arabia call center number that I use?
No. Please continue to use the existing number, as mentioned below.
HSBC Saudi Arabia Clients: (+966) 920022688
Alawwal Invest Clients: (+966) 8001242442
Q9. Is there any change in the dealer number for trading?
No. Please continue to use the existing number, as mentioned below.
HSBC Saudi Arabia Clients: (920015353)
Alawwal Invest Clients: 8001241144
Q10.Is there any change in the Alawwal Invest online platforms?
Yes, the Alawwal Invest online platform has been upgraded to the latest version to enhance customer experience. Please click on the link below to view a demo on some of the important features.
https://www.alawwalinvest.com/ebroker/
Q11. Is there any change in HSBC Saudi Arabia’s products?
Your HSBC Saudi Arabia products has been transferred to Alawwal Invest. There may have been some changes such as changing the funds names to remove reference to HSBC Saudi Arabia, as they have been transferred to Alawwal Invest.
Q12. Do I need to provide a new specimen signature card?
No. You don’t have to provide / sign a new specimen signature card, if you had already provided it to HSBC Saudi Arabia.