Saudi British Bank (SABB) and Alawwal Bank’s merger goes in-line with Vision 2030’s economic and capital market reforms, in terms of the finance base the new entity will have, as well as the client base, Al-Eqtisadiah newspaper reported, citing Finance Minister Mohammed Al-Jadaan.
Al-Jadaan, who’s also Head of the Financial Sector Development Program, welcomed the merger, urging banking executives to focus on innovative solutions to achieve the growing market’s aspirations and the Kingdom’s various vision programs.
"Product innovation also requires investing in human capital, in which the financial sector has achieved unprecedented results. This demonstrates
Elsewhere, Fahad Al Shathri, Deputy Governor – Supervision, Saudi Arabian Monetary Authority (SAMA), said that the Kingdom’s central bank is following up on the SABB-Alawwal merger, which is seen to be one of the strategic pillars of the Financial Sector Development Program.
The combined entity will become the third largest bank in the country and the second largest lender to the corporate sector, he said.
After the merger, the number of Saudi banks will increase to 11 banks, while the branches of foreign banks operating in the Kingdom will remain at 15 banks.
SAMA is open to receiving applications for banking licenses, as having more banks operating in the Kingdom to match the Saudi economy goes in-line with Vision 2030, he added.
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