HSBC welcomes legal completion of merger between SABB and Alawwal Bank
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.
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