RIYADH – The Boards of Directors of The Saudi British Bank (SABB) and Alawwal bank have unanimously recommended a merger of the two banks to their shareholders, creating a franchise that will support more opportunity for customers and help deliver new growth in an ambitious Kingdom.

The merger, subject to shareholder and regulatory approval, will create the Kingdom’s third-largest bank, increase its strength in corporate and retail banking, and provide unrivalled access to a global banking network to facilitate the flow of international investment capital into Saudi Arabia.

“The combination of SABB and Alawwal bank will create a powerful banking franchise ready to fuel growth in the Kingdom. As Vision 2030 transforms Saudi Arabia, our own transformation will ensure our customers capture the opportunities of a more diverse, accessible and investible Saudi economy,” SABB Chairman Khaled Suleiman Olayan said.