Financial leaders gathered to celebrate trading of the newly combined SABB and Alawwal bank on Tadawul, the Saudi stock exchange. The ringing of the market opening bell brought together senior executives from the Kingdom’s regulators and the bank, who together successfully completed the biggest merger of its kind in the Kingdom.
The bell ringing ceremony was opened by H.E. Dr. Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority and Mr. Mohammed Al-Rumaih, Chief Markets Officer of Capital Market Authority.
Lubna Olayan, Chair of SABB, said: “I am very proud of the teams from both banks, and our regulators, who worked so hard together to bring this merger to a successful conclusion. It’s fitting we celebrate the trading of shares in what is now the third largest bank in the Kingdom here at Tadawul, which under the very capable management of Sarah Al-Suhaimi and Khalid Al-Hussan plays such a key role in supporting the development of our capital markets and our economy. The message is clear - Saudi Arabia and our capital markets are open for business.”
Olayan continued: “Our transaction and the trading of our shares on a skillfully regulated and well-run exchange evidences the maturity and sophistication of the Saudi market. In addition, it shows the understanding and forward-thinking that our regulators at SAMA and the CMA bring to their governance of the markets, creating an environment in which investors, both Saudi and foreign, can feel confident. That confidence is especially important at this time, as the implementation of Vision 2030 gains momentum, a process which the bank is well-equipped and very keen to support.”
The successful merger of SABB and Alawwal bank represents Saudi Arabia’s more dynamic market and a new era of development led by the Kingdom’s Vision 2030 plan. The combined bank offers unrivalled international connectivity for corporate and personal customers through its partnership with HSBC, a leading portfolio of services to fuel business growth and the Kingdom’s widest range of digital banking services to a tech savvy population, mostly under 30 years of age.
David Dew, Managing Director, SABB, said: “This is great news for the Saudi market. There is a new choice for investors, businesses and individuals looking for a bank that can better support their ambitions. We are working hard to create the best bank in the Kingdom and our merger gives us the increased scale and talent to do that. There is still plenty of work ahead but we will not lose focus on our customers while we complete our full integration.”
As well as creating banking history by merging, the combined bank also sets a new president for the participation of women in the Saudi workforce. The new bank becomes the first in the Kingdom to see a woman hold the position of Chair, and the first to have two women on its Board of Directors.
Notes to editors
- The merger of SABB and Alawwal bank creates the 3rd largest bank in Saudi Arabia, with a combined SAR 257bn of total assets
- The two banks legally combined on 16th June 2019 as part of their statutory merger, with Alawwal bank’s assets and liabilities being absorbed by SABB.
- Lubnya Olayan, is also joined on the SABB board by Maria Ramos, previously CEO of ABSA Group Limited (formerly Barclays Group Africa Group Limited)
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