Financial leaders gathered to celebrate trading of the newly combined SABB and Alawwal bank on Tadawul, the Saudi stock exchange. The ringing of the market opening bell brought together senior executives from the Kingdom’s regulators and the bank, who together successfully completed the first merger of its kind in the Kingdom.
Lubna Olayan, Chair of SABB, said: “Lubna Olayan, Chair of SABB, said: “I am very proud of the teams from both banks and our regulators, who worked so hard together to bring this merger to a successful conclusion. The message is clear - Saudi Arabia and our capital markets are open for business. Our merger and the trading of our shares evidences the maturity and sophistication of the Saudi market. Our forward-thinking regulators have helped create an environment in which investors, both Saudi and foreign, can feel confident. That confidence is especially important as the implementation of Vision 2030 gains momentum, a process which the bank is well-equipped and keen to support.”
The successful merger of SABB and Alawwal bank represents Saudi Arabia’s more dynamic market and a new era of development led by the Kingdom’s Vision 2030 plan. The combined bank offers unrivalled international connectivity for corporate and personal customers through its partnership with HSBC, a leading portfolio of services to fuel business growth and the Kingdom’s widest range of digital banking services to a tech savvy population, mostly under 30 years of age.
As well as creating banking history by merging, the combined bank also sets a new president for the participation of women in the Saudi workforce. The new bank becomes the first in the Kingdom to see a woman hold the position of Chair, and the first to have two women on its Board of Directors.
The merger of SABB and Alawwal bank creates the 3rd largest bank in Saudi Arabia, with a combined SAR 257bn of total assets
The two banks legally combined on 16th June 2019 as part of their statutory merger, with Alawwal bank’s assets and liabilities being absorbed by SABB.
Lubnya Olayan, is also joined on the SABB board by Maria Ramos, previously CEO of ABSA Group Limited (formerly Barclays Group Africa Group Limited)
For more information please visit: www.sabb.com
For media enquiries, contact: Mai A Bin Dayel tel: +966 55 688 6690 / email: mai.a.dindayel@sabb.com
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
