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SABB and Alawwal agree $5 billion merger to create Saudi's third largest bank

Reuters  |  DUBAI 

By Tom Arnold and Hadeel Al SayeghDUBAI (Reuters) - Saudi British Bank (SABB) and Alawwal Bank have agreed a merger to create Saudi Arabia's third-biggest lender, in a $5 billion deal that marks the first major banking tie-up in the kingdom in two decades.The agreement, announced by the two banks on Wednesday but still non-binding, would create a lender with assets of around $77 billion, and is seen strengthening the banking system as Saudi Arabia embarks on a plan to transform its economy and cut its dependence on oil revenues. SABB is 40 percent owned by HSBC Holdings and Alawwal is 40 ...

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First Published: Wed, May 16 2018. 16:15 IST