Do you make payments to beneficiaries with accounts in Alawwal Bank?

العَربِ

Last updated: 8 March 2021

In 2019, we announced the merger of The Saudi British Bank (SABB) and Alawwal Bank. As a result of the merger, SABB will be issuing new SABB BIC and IBAN numbers for all Alawwal accounts.

What this means for you

These new BIC and IBAN numbers will take effect on 14 March 2021 when the merger completes. In preparation for this change, we recommend that you contact your payment beneficiaries with Alawwal Bank accounts to obtain their new SABB BIC/IBAN details.

What do I need to do?

If you make payments to beneficiaries with accounts in Alawwal Bank, you’ll need to update the following with your beneficiary’s new SABB BIC/IBAN numbers:

• Existing General and Restricted payment templates
• Records in the Beneficiaries service
• Payment files processed using File upload or HSBC Connect
• Forward-dated payments and standing instructions

If you make payments to Alawwal from a SABB account, SABB will automatically update the BIC and IBAN numbers in your existing and pending General and Restricted payment templates to help ensure a seamless transition during our merger. A report will be generated in the Account Services Activity Log providing details of the changes.

Any payments containing Alawwal BIC/IBAN details will be rejected after the merger completes on 14 March 2021.

Find out more

If you have any additional questions about the merger of Alawwal Bank and SABB, please contact your local SABB or HSBC representative.