Alawwal and SABB to merge to create Saudi Arabia's third largest bank | Reuters

Alawwal and SABB to merge to create Saudi Arabia's third largest bank | Reuters:

"Saudi British Bank (SABB) 1060.SE and Alawwal Bank 1040.SE have agreed a merger that would create Saudi Arabia’s third-biggest bank with assets of around $77 billion, the two banks said on Wednesday. The agreement, which involves SABB acquiring the smaller Alawwal for 18.6 billion riyals ($4.96 billion), is the first major banking tie-up in the kingdom for around 20 years and comes as Saudi Arabia embarks upon a plan to transform the economy and cut its dependence on oil revenues. The boards of the two banks have reached a non-binding agreement on the share exchange ratio, subject to several conditions, the two banks said in separate joint statements to the Saudi Arabian bourse."



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