Saudi Arabia’s Saudi British Bank (SABB) and Alawwal bank have announced the completion of the integration process.
The process began in June 2019, after the two banks legally combined their banking operations, following regulatory and shareholder approvals.
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All Alawwal bank accounts and services have now switched to SABB, enabling the latter to offer diverse banking proposition.
According to SABB, the combined bank now offers the most complete corporate banking proposition, while the retail customers will have access to a larger branch network.
It will also utilise its partnership with HSBC to offer its customers with access to an international banking network and introduce new digital services.
SABB chair Lubna Olayan said: “Today marks the completion of our integration, but we remain determined to continue delivering on our promise to create a better bank for our customers, our shareholders, our employees – and for our country.
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By GlobalData“As a stronger, more diverse and now fully integrated bank, we are even better positioned to be the bank of choice for a wide range of innovative banking and finance services and to support the exciting transformation of the Kingdom and our economy.”
The bank also announced that its managing director David Dew will retire in May this year. He will be succeeded by former CEO of HSBC Singapore Tony Cripps.
Earlier this month, National Commercial Bank (NCB) and Samba Financial Group shareholders green lighted the merger to create the biggest bank in Saudi Arabia.
