The merger of SABB and Alawwal banks is complete

Today has witnessed the completion of the historic merger between SABB and Alawwal Banks, in which all products and services have been merged for all customers.

This integration combines the strengths of the two banks, commensurate with the growth ambitions of a renewed kingdom.

On this occasion, SABB Bank Chairman Lubna Al-Olayan said: “Today marks the completion of our integration, and as a more complete and integrated bank, we are better placed to provide a wide range of services. innovative banking and finance. , and to support the rapid transformation of the Kingdom and its economy.

Since the legal merger in June 2019, the merger has made it possible to review all aspects of the activities of the two banks to see the best advantages and take advantage of the opportunities to offer a more competitive offer.

SABB offers offers in business banking services in the Kingdom to support growth in all aspects of the economy and even finance the largest infrastructure projects.

Individual banking customers will also have access to a larger branch network across the Kingdom, as well as the award-winning SABB Mobile Banking app, in addition to a premier rewards program.

The bank will further strengthen its partnership with the HSBC Group to provide access to an international banking network, while introducing new standards in digital services in the Kingdom.

Although this is the first time that a merger of this magnitude has been attempted in the Kingdom and the challenges posed by the pandemic, the merger of the two banks was completed on time.

The merger enabled the 300-member project team to accomplish thousands of tasks, including the migration of 4,500 companies and 500,000 individual clients from Alawwal Bank to the new merging bank.

It should be noted that the Board of Directors of the SABB unanimously approved the appointment of Mr. Tony Krebs as Managing Director of the bank, effective 23 May 2021, succeeding Mr. David Dew, who decided to retire after spending 11 years in management. by SABB.

Mr. Tony Krebs was the Chairman and CEO of HSBC Bank Singapore and will assume his leadership role of SABB in its new strategic directions. David Dew will remain an advisor to the SABB board until May 2022.