Financial leaders from Saudi Stock Exchange (Tadawul) and the Saudi Arabian British Bank (SABB) gathered today (June 24) to celebrate trading of the newly combined SABB and Alawwal bank on Tadawul.

The ringing of the market opening bell brought together senior executives from the Kingdom’s regulators and the bank, who together successfully completed the first merger of its kind in the Kingdom.

Lubna Olayan, chair of SABB, said: “I am very proud of the teams from both banks and our regulators, who worked so hard together to bring this merger to a successful conclusion. The message is clear -  Saudi Arabia and our capital markets are open for business.

“Our merger and the trading of our shares evidences the maturity and sophistication of the Saudi market. Our forward-thinking regulators have helped create an environment in which investors, both Saudi and foreign, can feel confident.  That confidence is especially important as the implementation of Vision 2030 gains momentum, a process  which the bank is well-equipped and keen to support.”

The successful merger of SABB and Alawwal bank represents Saudi Arabia’s more dynamic market and a new era of development led by the Kingdom’s Vision 2030 plan. The combined bank offers unrivalled international connectivity for corporate and personal customers through its partnership with HSBC, a leading portfolio of services to fuel business growth and the Kingdom’s widest range of digital banking services to a tech savvy population, mostly under 30 years of age.  

As well as creating banking history by merging, the combined bank also sets a new president for the participation of women in the Saudi workforce. The new bank becomes the first in the Kingdom to see a woman hold the position of Chair, and the first to have two women on its Board of Directors. – TradeArabia News Service