February 2021 The full integration of Alawwal bank and SABB is targeted to complete 14th of March, subject to final systems testing. On this date, all Alawwal bank accounts and services will switch to SABB, serving customers with a more diverse, enhanced banking proposition.
The end of the integration process marks the completion of a historic merger for Saudi Arabia, creating a stronger, more competitive bank to aid the Kingdom’s Vision 2030 economic development. SABB plans to capitalize on its greater resources, and access to HSBC’s leading international network, to bring new banking capabilities to the Kingdom.
David Dew, Managing Director, SABB, said: “We’ve worked really hard throughout our integration to make sure everyone benefits from a more diverse banking proposition - and we’re delighted that’s happening soon. This wasn’t just about taking the best of both banks into one, it was about challenging ourselves to make every banking experience we offer the best it could be.”
Managing a smooth migration of Alawwal bank retail customers to SABB will be the bank’s top priority during the final stages of integration. An online Merger Hub will help prepare Alawwal bank customers in advance of their switch to SABB. The Hub shows customers how to manage things like card activation, salary payments and direct debits before their SABB accounts go live to avoid interruptions to their banking.
During the integration period, SABB has won a series of best bank awards following investments in a number of core services, such as mobile banking, corporate finance and savings accounts. The bank also received ‘Saudi Arabia’s Best Bank’ award in September 2020.
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