SABB shareholders approve merger with Alawwal Bank

Shareholders of Saudi British Bank (SABB) have approved the proposed merger with Alawwal Bank, both said in separate statements to Tadawul.

The merger will be implemented through issuing 0.48535396 new SABB shares for every share in Alawwal Bank, subject to the terms and conditions of the merger agreement, signed by both entities on Oct. 3, 2018.

When the merger is complete, Alawwal Bank will be dissolved.

Shareholders also approved SABB capital hike to SAR 20.55 billion from SAR 15 billion.

Amendments to the technical services agreement between SABB and HSBC Holdings PLC were also endorsed.