Tadawul, the Saudi stock exchange, and the Saudi Arabian British Bank (SABB) recently celebrated the success of the merger between SABB and Alawwal. The event was attended by Saudi Arabian Monetary Authority Governor Dr. Ahmed Al-Kholifey, SABB Chairperson Lubna Olayan and Tadawul Chief Markets Officer Mohammed Al-Rumaih.
In cooperation with the Capital Markets Authority, Tadawul is working on further facilitating the procedures of merger and acquisitions, in alignment with the Financial Sector Development Program (FSDP) of the Kingdom’s Vision 2030. The aim is to enhance the effectiveness of the Saudi capital market, create a diversified and thriving financial sector, and to foster an attractive investment environment for both local and foreign investors.
The merger of SABB and Alawwal led to the creation of the third largest bank in terms of assets in Saudi Arabia. After the completion of the merger, SABB will benefit from the significant increase in its size, capacity and international connectivity.
Earlier, SABB announced that the listing of the consideration shares (as defined in the shareholder circular) and the deposit of the same in the accounts of the eligible Alawwal bank shareholders have been completed.