RIYADH — The Saudi Stock Exchange (Tadawul) and the Saudi Arabian British Bank (SABB) are celebrating the success of SABB and Alawwal merger, in the presence of SAMA Govornor Dr. Ahmed Al Kholifey, SABB Chairperson Ms. Lubna Olayan, and Tadawul’s Chief Markets Officer Mohammed Al Rumaih.

In cooperation with the Capital Markets Authority (CMA), Tadawul is working on further facilitating the procedures of merger and acquisitions, in alignment with the Financial Sector Development Program (FSDP) Kingdom’s Vision 2030, to encourage companies to take this step, which will enhance their capability and efficiency. Along with enhancing the effectiveness of the Saudi capital market, creating a diversified and thriving financial sector, and fostering an attractive investment environment for both local and foreign investors.

The merger of SABB and Alawwal led to the creation of the third-largest bank by assets in Saudi Arabia. After the completion of the merger, SABB will benefit from the significant increase in its size, capacity and international connectivity. Earlier, SABB announced that the listing of the Consideration Shares (as defined in the Shareholder Circular) and the deposit of the same in the accounts of the eligible Alawwal bank Shareholders have been completed. — SG