The Saudi Awwal British Bank
Saudi Awwal British Bank (SABB) is a Saudi Arabian holding company with its head office in Riyadh. As the first financial organization in the Kingdom, SABB is governed and overseen by the Saudi Central Bank.
The bank has its roots in the British Middle East Bank which was acquired by HSBC in 1959. In response to foreign ownership restrictions on banks in Saudi Arabia, SABB was established in 1978 to manage HSBC's branches and assets in the country.
SABB provides a number of market-leading financial and investment products and collaborates strategically with HSBC Group, one of the biggest banking and financial services companies in the world. A strategic partnership with HSBC Group gives clients access to the Group's global network, resources, skills, knowledge, and expertise, as well as market-leading customer services.
One of the top five banks in Saudi Arabia by deposits, SABB has more than 80 locations around Saudi Arabia and one in London, United Kingdom. SABB offers services in Islamic banking, private banking, commercial banking, and investment banking. The bank has been an active partner in supporting economic growth and social development in the Kingdom. Additionally, it offers cutting-edge financial solutions and actively promotes the growth of the financial industry.
In May 2018, SABB announced its desire to buy Alawwal Bank in the first merger of the Arab banking sector in 20 years, after recent modifications to the Vision 2030 economic reforms.
Founded: January 21, 1978
Headquarters: Riyadh, Saudi Arabia
Website: https://www.sab.com/en/
