The Saudi Stock Exchange (Tadawul) on Wednesday suspended trading on shares of Saudi British Bank (SABB) and Alawwal Bank pending disclosures on their preliminary plans to merge, the bourse said.
The two lenders started discussions on a potential merger in April 2017.
In May, they disclosed that the merger talks were at an advanced stage.
Based on the preliminary non-binding agreement on the share exchange ratio, Alawwal Bank shareholders would receive 0.485 SABB shares for each Alawwal Bank share.
Should the merger take place, the new entity would be the Kingdom’s third largest lender with about SAR 271 billion in assets.
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