Saudi British Bank (SABB) announced today that it has renamed itself to become SAB - الأول . The new name and identity of the bank comes two years after the historic merger and integration of SABB and Alawwal Bank.
The merger process took 18 months, during which the merged entity continued operating as ‘Saudi British Bank.’ Following final regulatory and shareholders’ approvals, SAB - الأول will operate as ‘Saudi Awwal Bank.’
Lubna Olayan, Chair, SAB - الأول , said: “From our position of strength, I am confident that we will now continue to grow and thrive as SAB - الأول Saudi Awwal Bank, and build a brighter future for our customers, our employees, and the Kingdom. Our position of strength comes from the unique combination of two innovative financial institutions that have supported the growth of the Kingdom’s economy from its inception, benefiting from the almost 100-year history of Alawwal Bank and its predecessors doing business here and the dedicated support that SABB has had from HSBC Group over 45 years, from which SAB will continue to benefit.
"This rebranding is not just a change in our name and visual identity, but a strong reaffirmation of our dedication to putting our customers first by prioritising their aspirations and ambitions, to innovating and promoting sustainability in all we do and to supporting Vision 2030 and key sectors of the Saudi economy," she said.
“Our new name reflects our commitment to creating one of the most modern and forward-thinking banks globally, a bank that supports future thinking and confidence in Saudi Vision 2030,” said Tony Cripps, CEO, SAB - الأول .
“Our new name also reflects our rich history. ‘Alawwal’ means ‘first’ in Arabic, and its incorporation into our new identity reflects a long history as a pioneer and innovator, a history that goes back to 1926, when Alawwal’s predecessor became the first bank to operate on the territory that would a few years later become the Kingdom of Saudi Arabia.
"And as the Kingdom and its economy grew, we were there to support its development – with the first financing of car importations in the 1930s, the first launching of credit cards 1980s, the first Saudi Equity Fund in 2001, and the first Green Deposit in 2022, along with a commitment to plant 1 million trees, all in furtherance of our ESG aspirations.
"Just as we played a pivotal role throughout these past 97 years, today we are charting a vibrant future for an ambitious and visionary Kingdom. As we do that, SAB - الأول will continue to put customers first and operate in accordance with the same high quality standards our customers have come to expect from us, always striving to be the bank of first choice, one that can solve both the challenges we face today and those we will face tomorrow.” - TradeArabia News Service
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