Saudi British Bank secured approval from the Saudi General Authority for Competition over its planned acquisition of Alawwal Bank, Argaam reported, citing a statement from the regulator.

The Saudi Arabian Monetary Authority also recently cleared the deal.

The boards of Saudi British Bank and Alawwal Bank signed a merger agreement in October 2018 to create a bank with a market capitalization of about 64.6 billion Saudi riyals and 268 billion riyals in assets.

Upon completion of the deal, Saudi British Bank shareholders will acquire 73% of the combined bank, with the remaining 27% to be owned by Alawwal shareholders. The merger values each Alawwal Bank share at 16.26 riyals and the lender's existing ordinary share capital at about 18.6 billion riyals.

As of March. 21, US$1 was equivalent to 3.75 Saudi riyals.