Article length: 415 words
Alawwal-Saab merger finalised but not yet complete
The merger of Alawwal Bank (formerly known as Saudi Hollandi Bank) and Saudi British Bank (Sabb) to create the kingdom’s third-largest lender by assets was concluded on 16 June. “Following regulatory and shareholder approvals, the banks have now become a single-listed company,” a joint statement said. The two banks will, however, continue to operate as separate entities – offering their respective products and services – until their back office operations are fully integrated.
Credit value: 4