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Riyadh – The full integration of Alawwal Bank and Saudi British Bank (SABB) is targeted to complete on 14 March 2021.
Hence, all of Alawwal Bank’s accounts and services will be transferred to the two banks’ enhanced, single banking proposition on SABB as of the aforementioned date, according to an official statement.
In June 2019, SABB and Alawwal Bank announced the effectiveness of their merger after the expiry of the creditor objection period.
Under the merger deal, all of Alawwal Bank's shares will be cancelled and SABB will, by way of increasing its paid-up capital from SAR 15 billion to SAR 20.547 billion, issue 554.794,522 million ordinary shares in SABB, with a nominal value of SAR 10 apiece.
Source: Mubasher
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