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.
I will write to you again to advise you of the outcome of the shareholder vote and the broader approval process, though it is anticipated that all requirements for a successful merger will be met.
If you have any questions about the proposed merger in the interim, please visit our FAQs at www.SABB.com.
We believe there is a compelling strategic and financial rationale to a merger with Alawwal bank, combining complementary strengths to create a leading banking franchise in the Middle East.
As Vision 2030 transforms Saudi Arabia, our own transformation will ensure our corporate and retail customers – like you – capture the opportunities of a more diverse, accessible and investible Saudi economy.
I am sure that it is a merger that will benefit all of our customers today and in the future.
Managing Director Message
Building a new bank to support an ambitious kingdom presentation