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Saudi British Bank working with Ripple, about to become largest Saudi Bank via merger


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1 minute ago, XRPwatch said:

It's the XRP fanboy effect. Everything is made to sound much bigger than it is

Hello Zerptime.

Another newly created alt account for my ignore list.

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Saudi British Bank and Alawwal Bank finalise merger:  https://www.ft.com/content/7ef2e5c8-c7a6-11e8-ba8f-ee390057b8c9

 

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...  Digital transformation would be another focus.

“The youth are tech-savvy and this puts a requirement on what they need from banks, which is changing significantly,” said Soren Nikolajsen, managing director of Alawwal. “We are fully aligned with this . . . with the scale to support.”

 

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HSBC will be the largest shareholder with 29.2 per cent and three of 11 board seats at the merged bank. The Olayan Saudi Investment Company will hold 18.2 per cent.

The consortium that controlled Alawwal Bank — including Royal Bank of Scotland, Banco Santander and the Dutch government — will own 11 per cent.

 

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The combination is the first bank merger for two decades and comes as other Gulf banks agree tie-ups to create economies of scale.

 

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