Important update on our merger with Alawwal bank

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 Extraordinary General Meeting (EGM) on 15th May 2019 to vote on their approval of the merger.


EGM Invitation



SAB Shareholders Circular issued by SAB to its Shareholders



Offer Document issued by SAB to Alawwal bank Shareholders



Transaction Timetable




What happens next


We expect our businesses to combine into a single legal entity by mid-June 2019, subject to shareholder approval at the EGM. Then, following a creditor objection period, the two banks can combine into a single legal entity.


Legally joining our businesses is a stage of a complex and lengthy merger process, and more updates will be communicated as they happen. For now, though, nothing changes for customers and you should continue to enjoy your banking services as normal.