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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.

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Dollar and Other Safe Havens Rise as Israel Strikes Iran

US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
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Dollar and Other Safe Havens Rise as Israel Strikes Iran

US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo

The US dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran.

Israel has begun carrying out strikes on Iran, two US officials told Reuters, adding that there was no US assistance or involvement in the operation. Another report suggested that explosions were heard northeast of Iran's capital Tehran.

An index that measures the dollar against six other currencies gained 0.4%, and was last at 98.07, in early Asia trading.

Against the yen, the dollar slipped 0.35% to 143 per dollar , while the Swiss franc tumbled 0.39% to 0.807 per dollar.

Risk-sensitive Asian currencies such as the Aussie dollar and the New Zealand dollar weakened 0.9% each, Reuters reported.

Earlier in the week, the dollar index hit multi-year lows as investors were not impressed by a US-China trade truce, while cooler-than-expected inflation data fuelled expectations of more aggressive interest rate cuts by the Federal Reserve.

The dollar is on track for weekly declines against the yen, the Swiss franc and the euro.

Crude prices jumped more than $4 on the news as investors priced in potential supply disruptions from the oil-rich region, while gold prices climbed 0.8% to their strongest since early May.