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.



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.