Riyadh – Mubasher: Saudi British Bank (SABB) on Thursday published a circular on which it revealed the schedule of the merger with Alawwal Bank.

The circular included details of the merger, its terms and conditions, and other related matters, among them the details of related parties and the procedures required to effect the merger, according to a statement released on Tadawul.

SABB’s board invited the bank’s shareholders to an ordinary general meeting (OGM) on 15 May to vote on the merger transaction.

Earlier in April, Saudi Arabia's Capital Market Authority (CMA) approved Saudi British Bank’s (SABB) request for raising its capital to SAR 20.55 billion from SAR 15 billion.

SABB will carry out the capital raise through issuing 554.79 million ordinary shares to merge with Alawwal Bank and transfer all of Alawwal Bank’s assets and liabilities to SABB through a securities exchange offer.