Alawwal Bank Announces Entry into a Binding Merger Agreement with The Saudi British Bank
| Element List | Explanation |
|---|---|
| Announcement Detail | Further to the 1/9/1439H (corresponding to May 16, 2018G) announcement of a non-binding agreement between the Saudi British Bank ("SABB") and Alawwal bank with respect to the exchange ratio of their proposed merger, Alawwal bank would like to announce to its shareholders that it entered into a binding merger agreement on 3 October 2018G with SABB under which the two banks agreed to take the necessary steps to implement a merger by way of a statutory merger pursuant to Articles 191-193 of the Companies Law and Article 49(a)(1) of the Merger and Acquisition Regulations (the "Agreement"). For further details on the announcement, please refer to the attachment. |
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