largest bank with a market cap of $17.2 billion. SABB shareholders will own 73 percent of the new bank, which is expected to be chaired by Saudi businesswoman Lubna Al Olayan. Final agreement on a merger deal was announced one week after the Saudi government launched the Financial Sector Development Program, an executive program aimed at overhauling the Saudi financial sector to create an effective capital market capable of supporting the goals of the Vision 2030 economic reform plans. The merger of the two banks was completed on 16 June 2019. The integration of the two banks was planned to completed in about 18 months. The integration was planned to completely took place in about 18 months, which will result in retention of the brand name "Saudi British Bank" only. On 14 March 2021, Alawwal & SABB fully integrated in historic bank merger. Services SABB offers services in investment banking, commercial banking, private banking and Islamic banking. SABB Islamic Financial Solutions (Arabic: الحلول المالية الإسلامية), which are part of SABB services, are regulated by the Saudi Arabian Monetary Agency and a Sharia Supervisory Committee. This ensures that SABB Islamic Financial Solutions conforms to strict adherence to principles of Sharia. Credit rating In August 2011, Fitch Ratings gave SABB's long-term issuer default rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”. In October 2018, in anticipation of its pending merger with Alawwal Bank, Moody’s reaffirmed local and foreign currency deposit ratings of SABB at A1/P-1 and Alawwal Bank at A3/P-2, respectively. See also HSBC Bank Middle East British Arab Commercial Bank Abdullah Mohammed Al-Hugail List of companies of Saudi Arabia List of banks in Saudi Arabia References External links Saudi British Bank website HSBC Peru Companies listed on Tadawul Companies based in Riyadh Banks of Saudi Arabia HSBC 1978 establishments in Saudi Arabia Banks established in 1978 Saudi Arabia–United Kingdom relations