Saudi Awwal Bank is a Riyadh-based Saudi joint stock company, with roots dating back over 90 years. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, Saudi Arab British Bank was created in 1978 to manage HSBC branches and assets in the country. The bank operates as a corporate and institutional financial services provider and is licensed and regulated by the Saudi Central Bank. SAB offers a number of financial and banking services, including corporate banking, investment banking, private banking, and treasury services. The bank was established following the merger of the Saudi British Bank and Alawwal Bank, completed on March 14, 2021. The bank adopted its current name following the completion of the merger. The merger marked the first consolidation in the Saudi banking sector in two decades. As a result, SAB's paid-up capital increased to SAR 20.5 billion. SAB maintains a strategic partnership with HSBC Group, which provides the institution with global expertise and connectivity. Wikipedia