SABB and Alawwal bank legally completed their historic merger on 16 June 2019. This was a transformational event for the financial services sector and the first banking merger in Saudi Arabia for a generation. The two banks combine a long and successful history of business in the Kingdom.
Alawwal bank maintained a proud legacy of banking innovation for over 90 years. The bank has pioneered many positive changes in the Kingdom’s financial services. These include assisting with the issuance of Saudi Arabia’s first currency, facilitating payment for the first oil export and, more recently, leading innovation in digital banking services in the Kingdom. Alawwal bank supports large institutional business, mid-sized corporates, SMEs and retail customers.
SABB traces its origins in Saudi Arabia back almost 70 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development. An associate of the HSBC Group, SABB is a leading corporate and institutional international bank in the Kingdom, with a leading retail banking and wealth management proposition. SABB is also a leading player in trade finance, foreign exchange, equity and debt wholesale banking and advisory.
SABB formally commenced activities on 1 July 1978 when it took over the operations of The British Bank of the Middle East in the Kingdom of Saudi Arabia.
The combined bank draws on the strengths of SABB and Alawwal bank to be:
- A focused and attractive retail banking proposition for Saudi nationals and expatriates
- A compelling and comprehensive proposition for small, medium and large companies, built on the foundation of being the most international bank in the Kingdom through its association with HSBC
- The leading bank for inbound and outbound multinational corporates and institutions, operating into or from Saudi Arabia
- A leading innovator of digital services
Our vision for the combined bank