Saudi Alawwal Bank Announces Name, Visual Identity Change

Two years after the merger between SABB and Alawwal Bank

Saudi British Bank (SABB) has rebranded as SAB – الأول. (Asharq Al-Awsat)
Saudi British Bank (SABB) has rebranded as SAB – الأول. (Asharq Al-Awsat)
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Saudi Alawwal Bank Announces Name, Visual Identity Change

Saudi British Bank (SABB) has rebranded as SAB – الأول. (Asharq Al-Awsat)
Saudi British Bank (SABB) has rebranded as SAB – الأول. (Asharq Al-Awsat)

Deriving its name from the date of its establishment of the first bank in the country, the Saudi British Bank (SABB) announced on Tuesday the change of its commercial name, and the re-launch of its new identity under the name SAB – الأول.

This comes two years after successful merger and integration process between SABB and Alawwal Bank, which lasted for 18 months, during which the two merged entities continued to operate under the name of the Saudi British Bank (SABB).

SAB – الأول said it will operate as Saudi Alawwal Bank after obtaining the necessary regulatory and shareholders approvals.

Lubna Olayan, Chairman of the Board of Directors, emphasized the continuation of achieving growth and supporting the Kingdom’s Vision 2030 and the key sectors of the Saudi economy.

She added that the bank would benefit from “the almost 100-year history of Alawwal Bank and its predecessors… and the dedicated support that SABB has had from HSBC Group over 45 years”, to continue to take advantage of this prestige and extended banking experience.

Tony Cripps, the bank’s managing director and CEO, said in a statement a copy of which was obtained by Asharq Al-Awsat: “Our new name reflects our commitment to creating one of the most modern and forward-thinking banks globally, a bank that supports future thinking and confidence in Saudi Vision 2030.”

SAB – الأول said incorporating “Alawwal”, which means first in Arabic, into the bank’s new identity reflects a long history since 1926, starting with financing the first car import deal in the 1930s, the first credit card issuance in the 1980s, and the first Saudi stock fund for banks in 2001, as well as the first “green” deposit in 2022, along with a commitment to planting one million trees, in line with the bank’s aspirations in the field of environmental, social and corporate governance practices.

SAB – الأول’s paid-up capital is SAR 20.5 billion, after the legal merger with Alawwal Bank in March 2021.



Eight OPEC+ Alliance Members Move toward Output Hike at Meeting

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo
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Eight OPEC+ Alliance Members Move toward Output Hike at Meeting

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo

Saudi Arabia, Russia and six other key members of the OPEC+ alliance will discuss crude production on Saturday, with analysts expecting the latest in a series of output hikes for August.

The wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- began output cuts in 2022 in a bid to prop up prices.

But in a policy shift, eight alliance members surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting.

Oil prices have been hovering around a low $65-$70 per barrel.

Representatives of Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will take part in Saturday's meeting, expected to be held by video.

Analysts expect the so-called "Voluntary Eight" (V8) nations to decide on another output increase of 411,000 barrels per day (bpd) -- the same target approved for May, June and July.

The group has placed an "increased focus on regaining market shares over price stability," said Saxo Bank analyst Ole Hansen.

Enforcing quotas

The group will likely justify its decision by officially referring to "low inventories and solid demand as reasons for the faster unwind of the production cuts", UBS analyst Giovanni Staunovo told AFP.

But the failure of some OPEC member countries, such as Kazakhstan, to stick to their output quotas, is "a factor supporting the decision", he added.

According to Jorge Leon, an analyst at Rystad Energy, an output hike of 411,000 bpd will translate into "around 250,000 or 300,000" actual barrels.

An estimate by Bloomberg showed that the alliance's production increased by only 200,000 bpd in May, despite doubling the quotas.

No effect from Israel-Iran war

Analysts expect no major effect on current oil prices, as another output hike is widely anticipated.

The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above $80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply.

As fears of a wider Middle East conflict have eased, and given there "were no supply disruptions so far", the war is "unlikely to impact the decision" of the alliance, Staunovo added.

The Israel-Iran conflict "if anything supports a continued rapid production increase in the unlikely event Iran's ability to produce and export get disrupted," Hansen told AFP.