Sabb and Alawwal Bank (formerly Saudi Hollandi Bank) have legally combined their businesses as of 16 June.

The banks have now become a single listed company, creating the third-largest bank by assets in Saudi Arabia.

The combined bank had total revenue of SR10.9bn ($2.9bn) at the end of the 2018 financial year, together with SR257bn of total assets, SR168bn of customer loans and SR195bn of customer deposits. It also had more than one million retail customers.

“We have combined two great banks, each with a rich history and legacy of playing key roles in the kingdom’s development," said Lubna Olayan, chair of Sabb (pictured). "Now our size, enhanced capabilities and fantastic talent will help us build on that history and legacy to become the bank of choice for a modern Saudi Arabia. We will be the best place to bank and the best place to work in the kingdom, for a new generation of Saudi men and women and for the new era of development under Vision 2030.”

The two banks will continue to operate a normal service while work continues to fully integrate their products and services. The integration of the two banks is expected to take between 18 and 24 months.

The two banks secured board approval for the merger in October last year.