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Saudi's Alawwal Bank in merger talks with HSBC-backed SABB
April 25, 2017 / 2:41 PM / 5 months ago

Saudi's Alawwal Bank in merger talks with HSBC-backed SABB

DUBAI, April 25 (Reuters) - Alawwal Bank, Saudi Arabia’s oldest lender and partly owned by Royal Bank of Scotland, said on Tuesday it has agreed to start initial merger talks with Saudi British Bank (SABB), an affiliate of HSBC Holdings.

Entering into the talks did not necessarily mean the merger would happen, it added.

RBS hired Credit Suisse to sell its 40 percent stake in Alawwal Bank, previously called Saudi Hollandi Bank, sources told Reuters in November. (Reporting By Tom Arnold; editing by Saeed Azhar)

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