https://arab.news/gqbk6
SABB and Alawwal bank completed their historic merger on March 14, with all products and services now combined for all customers. The integration saw the best of both institutions brought together into an enhanced proposition, designed around the growth ambitions of a transforming Kingdom.
Lubna Olayan, chair, SABB: “Today marks the completion of our integration, but we remain determined to continue delivering on our promise to create a better bank for our customers, our shareholders, our employees — and for our country. As a stronger, more diverse and now fully integrated bank, we are even better positioned to be the bank of choice for a wide range of innovative banking and finance services and to support the exciting transformation of the Kingdom and our economy.”
Since legally merging in June 2019, the integration saw every aspect of business reviewed to retain the best of each bank, while also investing to make a more competitive proposition overall.
Today, the bank offers Saudi Arabia’s most complete corporate banking proposition to support growth in all aspects of the economy, from the smallest to largest businesses, through to financing the biggest infrastructure projects. Retail customers will also have access to a larger branch network Kingdom-wide, award-winning online and mobile apps, plus a market-leading rewards program.
The bank will further leverage its partnership with HSBC to offer access to an international banking network, while also introducing new standards in digital services to the Kingdom.
David Dew, managing director, SABB: “We’d like to thank the regulators for their support in helping us deliver on our goal of creating a better bank for the Kingdom, our customers and our people. Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value. We’re all very proud of the bank we have created and the new world of financial opportunities it provides for our customers.”
Despite it being the first time a merger of this scale and complexity has been attempted in the Kingdom, in addition to the challenges of the pandemic, the integration of both banks was completed on time. The merger saw a 300-member project team complete thousands of tasks, including the migration of 4,500 corporate clients and 500,000 retail customers originally from Alawwal bank into the new combined business.
After 11 years leading the bank, Dew will retire on May 23, handing over to former CEO of HSBC Singapore, Tony Cripps. Cripps was unanimously approved by the board to lead SABB in its new strategic direction. Dew will stay on as adviser to the SABB board until May 2022.