Merger Updates

16 June 2019

Today 16 of June 2019, the legal merger of SABB and Alawwal bank was completed. On this day, the two banks became one legal entity. Led by a single leadership team, it is ready to execute its strategy to combine the best of the two organisations to create the best bank in the Kingdom.

Much of the operational work to integrate the banks still lies ahead. For now, the two banks will continue to provide a business as usual service for their respective customers.

We are excited about the future opportunities the merger will create for you, our valued customers.

Customer Q&As

29 April 2019

We are pleased to announce that our proposed merger with Alawwal bank has received approval from the Capital Markets Authority (CMA). This completes all the necessary regulatory approvals required for the merger to go ahead, with the Saudi Arabian Monetary Authority (SAMA) and the General Authority for Competition (GAC) having already given their consent.

This important milestone means we can now invite our shareholders to an ExtraordinaryGeneral Meeting (EGM) on 15th May 2019 to vote on their approval of the merger.

EGM invitation

SABB Shareholders circular issued by SABB to its shareholders

Offer document issued by SABB to Alawwal bank shareholders

Transaction timetable

4 October 2018

Today marks a major milestone in the history of the Saudi British Bank as we announce the entry into a merger agreement with Alawwal bank.

Our merger, which remains subject to shareholder and regulatory approval, will create an exciting new bank to support an ambitious Kingdom. We will be Saudi Arabia’s third largest bank overall, with increased strength in retail and corporate banking and the additional scale needed to help seize and support more opportunity for customers. We will be a leader of the Kingdom’s financial sector development, from capital markets and corporate finance, to personal savings, home ownership and wealth management.

And we will set new standards in training and career development and help ensure that we maintain our reputation as a company where talented people are able to build exciting and challenging careers.

These are exciting times for all of us at SABB as we work through a merger process that is expected to be completed during the first half of 2019 and on which shareholders will then vote.

There will be no change to SABB’s business operations during this period, ensuring that we continue to provide our customers with seamless service.

Chairman message

Managing Director message

Building a new bank to support an ambitious Kingdom presentation

FAQs

Tadawul announcement