The merger, subject to shareholder and regulatory approval, will create the Kingdom’s third-largest bank and increase its strength in corporate as well as retail banking.
The Boards of Directors of The Saudi British Bank (SABB) and Alawwal bank have recommended a merger of the two banks to their shareholders, creating a franchise that will support more opportunities for customers.
Khaled Suleiman Olayan, SABB Chairman, said that the combination of SABB and Alawwal bank will create a powerful banking franchise ready to fuel growth in the Kingdom.
The merged entity will enable growth in the private sector with the expertise to help all businesses, from SMEs to large corporates that compete nationally and internationally.
“Together, we will set new standards for customers by pooling the talents and experience of two of the Kingdom’s longest-established banks. By building on our shared heritage of innovation, we will ensure we are the best place to bank and the best place to work in Saudi Arabia,” added Mubarak Abdullah Al-Khafrah, Chairman of Alawwal bank.
The new entity will lead in corporate banking, foreign exchange as well as cash management and trade finance, with a robust retail franchise underpinning aspirations to be the Kingdom’s leader in wealth management banking, reported local daily, Saudi Gazette.