SABB & Alawwal merge to create KSA’s third largest bank

Lubna S. Olayan, chair of SABB.
Updated 17 June 2019

SABB & Alawwal merge to create KSA’s third largest bank

SABB and Alawwal Bank have created Saudi banking history by legally combining their businesses. Following regulatory and shareholder approvals, the banks have now become a single listed company, creating the third largest bank by assets in Saudi Arabia. The two banks will continue to operate a normal service while work continues to fully integrate their products and services. 

Lubna S. Olayan, chair of SABB, said: “We have combined two great banks, each with a rich history and legacy of playing key roles in the Kingdom’s development. Now our size, enhanced capabilities and fantastic talent will help us build on that history and legacy to become the bank of choice for a modern Saudi Arabia. We will be the best place to bank and the best place to work in the Kingdom, for a new generation of Saudi men and women and for the new era of development under Vision 2030.” 

The combined bank will cement its position as a top-tier Saudi financial institution, with total revenue of SR10.9 billion ($2.9 billion), more than 1 million retail customers and the second largest corporate bank by assets. 

Joining the two banks is expected to create a significant retail and wealth management business, with greater resources to innovate and connect a young, tech-savvy population to a digital banking experience. 

David Dew, managing director of SABB, said: “The combination of SABB and Alawwal Bank creates huge potential for our customers and staff. The increased scale and capacity will allow us to support the growing needs of our diverse customer base, while also providing unrivaled international connectivity for retail, corporate and institutional clients. Our focus now is on our customers while at the same time completing the integration process and executing our vision of being the leading international bank in the Kingdom.” 

The combined bank has SR257 billion in total assets, SR168 billion in customer loans and SR195 billion of customer deposits. It will deliver long-term shareholder value by combining the best of SABB and Alawwal Bank, while capitalizing on its long-term strategic partnership with HSBC Holdings PLC to provide an international banking experience in Saudi Arabia.

A new board and leadership team are in place, overseeing the integration of the two banks, which is expected to take between 18 and 24 months.

Alinma CEO shares leadership insights at Cambridge event

Alinma Bank CEO Abdulmohsen Al-Fares was a featured speaker at the recent Cambridge Islamic Finance Leadership Program.
Updated 21 July 2019

Alinma CEO shares leadership insights at Cambridge event

Alinma Bank CEO Abdulmohsen Al-Fares was a featured speaker at the recent Cambridge Islamic Finance Leadership Program (IFLP), held at the University of Cambridge,  outside of London in the UK.
Al-Fares, who was named CEO of the Year by the Global Islamic Finance Awards, which is a program affiliate of Cambridge IFLP, spent more than an hour discussing his career in Islamic finance, his role in the establishment and growth of Alinma Bank, and his views on leadership and the vital importance of Islamic banking.
“It was indeed an honor to be asked to speak at such a worthwhile event, organized by a quality organization like Cambridge IFLP,” said Al-Fares. “The work they are doing truly supports banks like Alinma and others in the industry; and I feel strongly that with time, Islamic banking and finance will emerge as a fully-fledged alternative to conventional banking. I am, therefore, always pleased to support those organizations and individuals working toward this mission.”
Al-Fares thanked the organizers and lauded them for their efforts to enhance the profile of Islamic banking and finance.
Cambridge IFLP annually brings together 35-50 middle and upper managers from Islamic banking and finance institutions across the world. Over the course of a five-day intensive workshop held on the campus of the University of Cambridge, participants receive lectures on technical aspects of the industry, engage in group activities, and listen to lectures from experts and thought leaders within the industry.