Saudi Banks Are Too Expensive Given Earnings Doubts, HSBC Says

Saudi Banks Are Too Expensive Given Earnings Doubts, HSBC Says

HSBC Warns Against Buying Shares of Saudi Banks. Six Saudi lenders had their stock recommendations cut to reduce from hold by HSBC Holdings Plc, which said valuations have become too expensive given the negative risks to earnings.. The downgrades for Riyad Bank, Arab National Bank, Banque Saudi Fransi, Al Rajhi Bank, National Commercial Bank and Samba Financial Group mean all seven banks covered by the broker now have the same rating, with Alinma Bank being kept at reduce.. Read: Saudi Arabia to Pump $13 Billion Into Banks to Offset Twin Shock. Al Rajhi Bank would be the least affected due to having the lowest SME exposure..