See if this code is to your liking:
Dim lRow, x As Integer
Dim wbName As String
lRow = Range("A" & Rows.Count).End(xlUp).Row
x = 1
x = x + 1
wbName = Range("A" & x).Value & "_" & Range("B" & x).Value
ActiveWorkbook.SaveAs Filename:="C:\Documents\" & wbName & ".xls"
Loop Until x = lRow
Change the bold part to your own destination directory.
Running the code will save your workbook under a different name mentioned in columns A and B. It will keep renaming until there is no more data in columns A and B and thus creating more workbooks in the destination folder.