Alawwal Bank and Saudi British Bank, two major Saudi banks, merged in a $5bn deal. Alawwal bank shareholders received 0.485 SABB shares for each Alawwal Bank share. This represents a premium of 28.5% to the Alawwal Bank share price as of 14 May 2018. “Now our size, enhanced capabilities, and fantastic talent will help us build on that history and legacy to become the bank of choice for a modern Saudi Arabia. We will be the best place to bank and the best place to work in the Kingdom, for a new generation of Saudi men and women and for the new era of development under Vision 2030,” Lubna Olayan, SABB Chair.