SAB was established as the Saudi British Bank in 1978. In 2019, it merged with Alawwal Bank and in April 2023 it changed its name to Saudi Awwal Bank. It has a network of 103 branches and employs 4,062 in Saudi Arabia. In December 2024, SAB issued a $1.1 billion SAR-denominated additional tier 1 Sukuk. SAB’s net profit grew by over 15% in 2024 to $2.2 billion.