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FinancialNews
06-10-18
Saudi British Bank, Alawwal in merger deal
(MENAFN) Saudi British Bank (SABB) and Alawwal said their boards had approved a merger agreement that would create the kingdom's third largest lender.
The USD5 billion deal, which was first announced in May, is the first major banking merger in the kingdom for 20 years.
According to SABB, under the terms, each Alawwal bank share is valued at SAR16.26 and its current issued ordinary share capital at around SAR18.6bn.
When the merger, which is still subject to shareholder and regulatory approval, is completed SABB's current shareholders will own 73 percent of the combined entity and Alawwal's 27 percent.
MENAFN0610201800450000ID1097534636
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