Saudi Awwal Bank

This article is about the bank in Saudi Arabia. For the investment bank joint venture between HSBC and SAB, see HSBC Saudi Arabia. For the global HSBC Group, see HSBC. For other individual entities of the group, see HSBC Bank.
Saudi Awwal Bank (SAB)
Native name
البنك السعودي الأول
Company typePublic
Tadawul: 1060
ISINSA0007879089 Edit this on Wikidata
IndustryFinance
FoundedJanuary 21, 1978; 46 years ago (1978-01-21)[1]
HeadquartersRiyadh, Saudi Arabia
Number of locations
81
Area served
Saudi Arabia
United Kingdom
Key people
ProductsFinancial services
Revenue$1.88 billion (2017[2])
Increase$1.05 billion (2017)
Total assets$90.79 billion (2021[2])
OwnersHSBC Holdings (31%)
Public shares (69%)
Number of employees
5,000+
Subsidiaries
  • HSBC Saudi Arabia
  • SAB Insurance Agency Limited
  • SAB Insurance Services Limited
  • SAB Securities Limited
  • SAB Takaful
RatingA1/P-1[3]
Websitewww.sab.com

Saudi Awwal Bank (SAB; Arabic: البنك السعودي الأول) is a Riyadh-based Saudi joint stock company in which global banking group HSBC owns a minority stake.[4] The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, Saudi Arab British Bank (SABB) was created in 1978 to manage HSBC branches and assets in the country.

In May 2018, prompted by recent changes to Vision 2030 economic reforms, SABB announced its intention to acquire Alawwal Bank in the Saudi banking sector's first merger in twenty years.[5][6] On June 16, 2019, the official legal merger of Saudi British Bank and Alawwal Bank was completed, making the two banks one legal entity.[7] The bank adopted its current name following the completion of the merger.[8]

SAB is one of the five largest Saudi banks by deposits,[9] and has over eighty branches across Saudi Arabia and one branch in London, England.

  1. ^ "About us - SABB Online Banking". Saudi British Bank.
  2. ^ a b "SAUDI BRITISH BANK Company Profile". Hoovers.
  3. ^ "Moody's affirms ratings of SABB, Alawwal Bank". Saudi Gazette. Jeddah. October 13, 2018. Retrieved 2018-11-14.
  4. ^ "Saudi British Bank (SABB)". relbanks.com. Retrieved 14 April 2012.
  5. ^ Platt, Gordon (June 1, 2018). "Saudi Arabia: First Major Bank Merger In Nearly Twenty Years". Global Finance.
  6. ^ "After Being Endorsed by Ceda: The 'Financial Sector Development Program' Holds a Forum to Introduce the Program and its Initiatives". SAMA. Riyadh. May 9, 2018.
  7. ^ Muzoriwa, Kudakwashe (2023-04-05). "Saudi Arabia's SABB rebrands after $5bn merger with Alawwal". Retrieved 2023-06-04.
  8. ^ "After historic merger, SABB is now SAB — Alawwal, will operate as Saudi Awwal Bank". Arab News. 5 April 2023.
  9. ^ Saudi British Bank: Reinstating Coverage (PDF). www.riyadcapital.com (Report). Riyad Capital. September 16, 2015.