Shareholders to vote on SABB-Alawwal merger today

The Saudi British Bank’s (SABB) shareholders will be voting today on a capital increase to SAR 20.55 billion from SAR 15 billion ahead of the bank’s merger with Alawwal Bank.

Alawwal Bank’s shareholders will also vote today on the binding merger agreement signed with SABB on Oct. 3, 2018.

Under the merger deal, the assets and liabilities of Alawwal will be transferred to SABB.

Alawwal shareholders will receive 0.485 new SABB share for each Alawwal share they own.

The new entity will be Saudi Arabia’s third largest bank after NCB and Al Rajhi Bank with assets amounting to SAR 268 million.