The Saudi British Bank (SABB) and Alawwal Bank have approved a merger agreement, they said in a joint statement.
The merger will create the Kingdom’s third-largest bank and provide unrivaled access to a global banking network to facilitate the flow of investment capital into Saudi Arabia and the growth of international trade.
“The combination of SABB and Alawwal Bank will create a powerful banking franchise ready to fuel growth in the Kingdom. As Vision 2030 transforms Saudi Arabia, our own transformation will ensure our customers capture the opportunities of a more diverse, accessible and investible Saudi economy. The new bank will be a leader in responsible lending and will set new standards for financial awareness and literacy.” SABB Chairman Khalid Sulaiman Olayan said.
Alawwal Bank chairman Mubarak Abdullah Al-Khafrah said: “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.
“Our combined bank is expected to deliver attractive long-term shareholder value, generating new growth by ensuring our customers have access to a full suite of services,” he added.
The combined bank will set new standards in training and talent development and offer exciting career opportunities in a much larger organization. No involuntary staff redundancies are expected as a result of the merger.
