SABB Completes Merger With Alawwal Bank

SABB Completes Merger With Alawwal Bank
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SABB Completes Merger With Alawwal Bank

SABB Completes Merger With Alawwal Bank

The Saudi British Bank (SABB) announced that it had completed its merger with Alawwal Bank to join all products and services provided to customers.

Through the integration, SABB will support economic growth across different fields in Saudi Arabia by financing the biggest infrastructure projects.

Both banks were legally merged in June 2019 to form the first integration in terms of scale and complexity in Saudi Arabia.

The Chairman of SABB, Lubna Olayan, said: "As a stronger, more diverse and now fully integrated bank, we are even better positioned to be the bank of choice for a wide range of innovative banking and finance services and to support the exciting transformation of the Kingdom and our economy."

For his part, SABB's Managing Director, David Dew, said: "Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value."

SABB will also strengthen its partnership with HSBC to enable its customers to have access to the international banking network and introduce new standards in digital services to Saudi Arabia.



UK's Energean Suspends Production Offshore Northern Israel

FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
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UK's Energean Suspends Production Offshore Northern Israel

FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo

British gas producer Energean said on Friday it has temporarily suspended the production and activities of its power floating production storage and offloading (FPSO) located offshore Northern Israel due to the geopolitical escalation in the Middle East.

Israel launched widescale strikes against Iran on Friday, prompting a retaliation from Iran.

The company, which has operations in Israel, Egypt, and European countries, said it got a notice from Israel's Ministry of Energy and Infrastructure ordering the suspension.

"All production activities have now been temporarily suspended and notices have been issued to Energean's customers and other stakeholders," Reuters quoted the company as saying in a statement.

A spokesperson for Energean said the power FPSO contributes a "significant" amount to the group's total output.

Shares in Energean were down 6.9% at 0808 GMT.