USD 5 bn merger to create Saudi Arabia’s third-largest lender

USD 5 bn merger to create Saudi Arabia’s third-largest lender: HSBC-owned Saudi British Bank (SABB) is acquiring Alawwal Bank in a USD 5 bn transaction that will create the kingdom’s third-largest lender. It’s the first bank merger in KSA since 1999; Alawwal is 40%-owned by a consortium led by the Royal Bank of Scotland, while SABB is 40%-owned by HSBC. Reuters and the Financial Times have coverage.