SABB, Alawwal set to appoint Lubna Olayan as chairperson of merged bank

The Saudi British Bank (SABB) and Alawwal Bank have agreed on appointing Lubna Olayan as the chairperson of the new merged entity, both banks said in a joint statement.

Olayan, who will become the first female chair of a Saudi-listed company, has served as the vice chairperson of Alawwal Bank since 2014. She also serves as the chief executive officer of Olayan Financing Co. and a board director of Saudi Arabian Mining Co. (Maaden). 

Upon completion of the merger, the combined entity’s vice chairman will be selected from amongst the directors of the combined bank, who currently serve as directors of SABB.

David Dew will become the managing director of the new entity.

In the interim, Dew and Soren Nikolajsen will continue serving as managing directors of SABB and Alawwal bank, respectively.

The combined bank’s board will be increased from ten to 11 members with seven persons from the current directors of SABB, three of whom will be from the persons currently appointed by HSBC Holdings B.V. Other four members will be proposed by the current board of Alawwal Bank.