Saudi Awwal Bank
SAB Tower in Riyadh, Saudi Arabia | |
Native name | البنك السعودي الأول |
|---|---|
| Company type | Public |
| Tadawul: 1060 | |
| ISIN | SA0007879089 |
| Industry | Finance |
| Founded | January 21, 1978 |
| Headquarters | Riyadh, Saudi Arabia |
Number of locations | 81 |
Area served | Saudi Arabia United Kingdom |
Key people |
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| Products | Financial services |
| Revenue | $1.88 billion (2017) |
| $1.05 billion (2017) | |
| Total assets | $90.79 billion (2021) |
| Owners | HSBC Holdings (31%) Public shares (69%) |
Number of employees | 5,000+ |
| Subsidiaries |
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| Rating | A1/P-1 |
| Website | www |
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. 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. On June 16, 2019, the official legal merger of Saudi British Bank and Alawwal Bank was completed, making the two banks one legal entity. The bank adopted its current name following the completion of the merger.
SAB is one of the five largest Saudi banks by deposits, and has over eighty branches across Saudi Arabia and one branch in London, England.