HSBC Holdings plc (HSBC) welcomes the completion of the merger between the Saudi British Bank (SABB) and Alawwal bank, which creates Saudi Arabia’s third largest bank by assets.
“As the largest shareholder in the combined bank, HSBC fully supports this merger and believes that it will create a stronger bank to support Saudi Arabia’s economic transformation,” HSBC Group CEO John Flint said.
HSBC believes SABB is well positioned to capture value and new opportunities from one of the world’s most ambitious economic transformation programmes, Saudi Vision 2030.
HSBC traces its origins in Saudi Arabia back almost 70 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development.
HSBC, through its affiliate operations, is the leading international bank in the Kingdom.
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HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,558bn at 31 December 2018, HSBC is one of the world’s largest banking and financial services organisations.