Saudi Awwal Bank — M&A Activity 2017

Apr 25, 2017

Saudi British Bank (SABB) announces the entry into preliminary discussions with AlAwwal Bank to study the possibility of merging the two banks

1060 · 25/04/2017 17:30:01 · Announcement #46627 · View on Saudi Exchange

Saudi British Bank (SABB) announces the entry into preliminary discussions with AlAwwal Bank to study the possibility of merging the two banks

Saudi British Bank (SABB) announces that its Board of Directors has resolved, at its meeting held on 28 Rajab 1438H (Corresponding to 25 April 2017G), to enter into preliminary discussions with AlAwwal Bank to study the possibility of merging the two banks. The entry into these discussions does not mean that the merger will happen between the two banks. If the merger is agreed, it will be subject to various conditions including, without limitation, approval at the Extra Ordinary general assembly of each bank and approval of the Saudi Arabian regulatory authorities.

It should be pointed out that the Saudi Arabian Monetary Authority has been informed of these discussions but the merger will still be subject to its formal approval.

Lastly, SABB does not expect that the proposed transaction will result in any involuntary redundancies among its employees.

Further announcements relating to any developments will be made in due course.

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