The board of directors of the Saudi British Bank (SABB) and Alawwal bank have signed a merger to create the Kingdom’s third largest bank.
The merger, subject to approval, will deliver a top tier retail and corporate bank, and provide access to a global banking network, a statement said.
Both banks will remain independent and operate as usual until the merger is complete.
“The combination of SABB and Alawwal bank will create a powerful banking franchise ready to fuel growth in the kingdom. The new bank will be a leader in responsible lending and will set new standards for financial awareness and literacy,” said SABB chairman Khaled Suleiman Olayan.
“We will enable growth in the private sector with the expertise to help all businesses, from SMEs to large corporates that compete nationally and internationally. Our bank will supply entrepreneurs with the financial tools needed to grow and create jobs and we will have enhanced capacity to underwrite large-scale transactions to support infrastructure and privatisation projects,” he said.
Additionally, the combined bank will be a leader in corporate banking, foreign exchange, cash management and trade finance. It will show off a robust retail franchise with hopes to be the kingdom’s leader in wealth management.
“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,” said Alawwal bank chairman Mubarak Abdullah Al-Khafrah.