SABB, Alawwal Bank seek authority approval for merger

Saudi British Bank (SABB) and Alawwal Bank have filed a request with the Saudi General Authority for Competition (GAC) to approve their planned merger, the authority said in a statement on Sunday.

The public and other stakeholders are required to submit their opinions on the planned merger within 15 days, the statement said.

On Oct. 3, the two banks entered into a binding merger agreement, whereby the assets and liabilities of Alawwal will be transferred to SABB, Argaam reported.

The deal is expected to be finalized during H1 2019.