The Saudi British Bank (SABB) has been named the “Best Bank in Saudi Arabia for 2020” by Global Finance magazine, an English-language monthly financial magazine. The award is voted on by industry leaders, based on certain criteria including asset growth, profitability, product innovation and new business development.
David Dew, managing director of SABB, said: “We merged with Alawwal Bank with the ambition of becoming the Kingdom’s best bank, so we are delighted to have won this award. While we continue our work to bring the best of both banks into one, we have never stopped investing in our business to pioneer better ways of banking. Our merger gives us the resources to set new banking standards for the Kingdom, so we are really excited about the future.”
SABB has led the industry with a series of successes in recent months, including the issuance of a SR5 billion ($1.33 billion) Tier II sukuk, the joint largest in Saudi history and first transaction of the merged bank in the debt capital markets. Also this month, SABB’s Waafer savings account was voted “Product of the Year.” Waafer was launched last year as an alternative to traditional savings accounts.
SABB was also awarded the “Best Digital Mobile Banking” app in Saudi Arabia by Global Finance.