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.
