Riyadh – Mubasher: The extraordinary general assembly of Alawwal Bank approved the offer by the Saudi British Bank (SABB) in connection with the proposed merger.

The merger will take place through the issuance of 0.48535396 new SABB shares for every share in the bank, Alawwal bank said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

This will result in the dissolution of Alawwal bank, subject to the relevant regulatory requirements and the terms and conditions of the merger agreement between both parties dated 3 October 2018.

The assembly has also approved the termination and settlement agreement between the bank and Natwest Markets, Alawwal bank noted. 

It also approved the three successor settlement agreements between Alawwal bank, Natwest Markets N.V. and each of Natwest Markets, and The Royal Bank of Scotland Group, Stichting Administratiekantoor Beheer Financiële Instellingen, and Banco Santander.

It is worth noting that Alawwal bank announces the commencement of the creditor objection period in relation to the merger (Creditor Objection Period).

During the objection period, any creditor of Alawwal bank will be entitled to object to the merger by submitting a registered letter to the Saudi lender’s main office, located at Abdulaziz Bin Musaid Bin Jalawi Street in Riyadh.

The creditor objection period starts on Thursday, 16 May, and shall expire at the end of Saturday, 15 June.