Saudi British Bank price estimate cut by 37%

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The price estimate of Saudi British Bank was cut 37 percent at Credit Suisse Group after the bank issued bonus shares.

Analysts at the bank lowered their price estimate "solely on the back of the bonus issue, according to a note to clients today. "We continue to see Saudi British Bank as one of the best managed banks in the region.

Credit Suisse cut the 12-month price estimate for the bank, 40 percent owned by HSBC Holdings Plc, to 102.74 riyals from 161.85 riyals and maintained a "neutral recommendation on the stock.

Saudi British Bank issued three bonus shares for every five held. The shares rose 2 percent to 91.5 riyals on Sunday.