News 24 "Competition Authority" agrees to finalize the merger between SABB Bank and First Bank

The Board of Directors of the General Competition Authority (GCA) on Wednesday issued a no-objection decision to finalize the merger between Saudi British Bank SABB and First Bank.

This happened at the 57th session of the Council, which was held yesterday under the chairmanship of Mr. Mohammed Bin Sulaiman Al-Jasser, and in the presence of Mr. Abdulaziz bin Abdullah Al-Zoum, Governor. of the General Authority of Competition.

SABB and First Bank signed a binding merger agreement in October 2018. The first bank was merged with SABB Bank and all its first assets and liabilities were transferred to SABB Bank. SABB continues to exist. First, all of its shares will be canceled and SABB will issue new shares to its shareholders.