Alawwal and SABB merge, create leading Saudi lender
Saudi Arabian banks Alawwal Bank and Saudi British Bank have completed their merger. The deal is yet another bank tie-up taking place in the Gulf, as lenders strive to stay competitive. Royal Bank of Scotland, which held a stake in Alawwal, has received capital relief from the transaction.
Alawwal Bank and Saudi British Bank (SABB) completed the merger on Sunday. The entity will keep the name Saudi British Bank.
The merger will create Saudi Arabia's third largest bank by assets, giving the combined lender approximately $68.5bn of assets.Existing shareholders of SABB will hold 73% of the entity, and ...