Riyadh – Mubasher: Alawwal Bank announced that its merger with the Saudi British Bank (SABB) will be effective immediately after the end of the creditor objection period.

If no creditor objects to the proposed tie-up until 15 June, the merger will take effect, Alawwal Bank said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

In May, shareholders of Alawwal Bank and SABB approved the merger between the two Saudi lenders.

In March, Saudi Arabia's Capital Market Authority (CMA) approved the completion of the tie-up between the two banks.