The Saudi British Bank
A minority share in Saudi Awwal Bank (SAB), a Saudi joint stock company with headquarters in Riyadh, is held by British banking giant HSBC Holdings PLC. The British Bank of the Middle East, which HSBC bought in 1959, is where the bank got its start. SABB was established in 1978 to oversee HSBC branches and assets in Saudi Arabia due to prohibitions on foreign ownership of banks in the nation.
SAB has approximately eighty branches around Saudi Arabia and one in London, England. It is one of the top five Saudi banks by deposits. Due to recent adjustments to the Vision 2030 economic reforms, SABB announced in May 2018 that it intended to merge with Alawwal Bank, marking the first merger in the Saudi banking sector in 20 years.
The Saudi British Bank has a market valuation of $20.00 billion as of April 2023. By market capitalization, the Saudi British Bank is now the 852nd most valuable corporation in the world. The Saudi British Bank's most recent financial reports indicate that the business's current revenue (TTM) is $2.59 billion. The company's revenue in 2021 was $2.13 billion, down from $2.39 billion in 2020.
Founded: January 21, 1978
Headquarters: Riyadh, Saudi Arabia
Website: www.sabb.com
