SABB was established in 1978 as a Saudi joint-stock company. In 2019, it merged with Alawwal Bank. SABB provides financial and banking services through 109 branches. The bank serves 1.3 million retail customers. In 2022, its net profit jumped by 52.2% to hit $1.3 billion. In September 2022, the bank completed the sale and transfer of certain lines of business from HSBC Saudi Arabia to the Alawwal Invest Company in a deal valued at $320.9 million. The HSBC Group owns 31% of SABB.