June 16, 2019 (Abu Dhabi)
According to an article on The National, the Saudi British Bank (SABB) and Alawwal Bank will continue to operate as separate entities and offer their respective products and services until they fully integrate their back office operations following the completion of their merger.
SABB will absorb Alawwal Bank’s assets and liabilities. The transaction was executed through a share swap, with Alawwal Bank shareholders receiving 0.485 SABB shares for each Alawwal Bank share.
The merged bank will have total revenues of $2.94 billion, more than a million retail customers and the second-largest corporate book by assets. The combined bank, with a total asset base of $69.45 billion, will have $45.41 billion of customer loans and $52.70 billion of deposits.
Read the original article on The National: SABB completes merger with Alawwal Bank creating third-largest Saudi lender