The National Commercial Bank and Samba Financial Group announced – yesterday – the formal completion of their merger, to establish a national banking giant and a regional financial power under the name “National Bank of Saudi Arabia”, and to officially launch and trade as a unified entity listed in the Saudi Stock Exchange (Tadawul) on April 1, 2021 AD. De-listing the shares of Samba Financial Group in the market, transferring all its assets, debts, and operations to the new giant bank, and the bank’s new board of directors and management structure has begun to formally work and oversee the business merger process, which is expected to be completed within 18 months. Clients, partners and other stakeholders will be informed. On any impact of the business merger on them in stages during the coming months, and despite the completion of the legal merger between them, both banks will continue to operate as usual until the integration of products and services is fully completed, and customers must continue to deal with their current bank as usual without facing any difference In their banking services, and in the event that there are any updates to the products or services or there are any procedures that customers must take, the bank will contact them in advance and it will be available for They are the time to complete any necessary actions.
(The National Bank of Saudi Arabia) is the largest financial institution in the Kingdom with total assets exceeding 896 billion riyals, an equity base of 127 billion riyals, and a combined net profit of 15.6 billion riyals, and it enjoys enhanced liquidity and a strong capital position that enables it to finance economic development plans and contribute to achieving The Kingdom’s Vision 2030 by taking advantage of its expanded business scope, enhanced efficiency, efficiency and expertise of the administrative team and employees.
The Chairman of the Board of Directors of the National Bank of Saudi Arabia, Ammar bin Abdul Wahid Al-Khudairi, explained that this merger marks the beginning of a new era for banking, and will enhance its competitiveness at the local and regional levels, in a way that will benefit all concerned, especially in light of the acceleration of the Kingdom’s journey towards achieving the 2030 vision. Managing Director and CEO of the National Bank of Saudi Arabia Saeed bin Muhammad Al-Ghamdi: “After nearly 68 years spent by the National Commercial Bank and Samba Financial Group in serving customers and creating value for shareholders, we are gathering strengths of the two banks to lead the future of banking and enhance our contribution to the progress of the Kingdom and its people. The coming months will ensure a smooth transition for our customers to their new pioneering bank in conjunction with the standardization of the two banks ’systems. The shares of Samba Financial Group have been canceled in the market, and all its assets, debts and operations have been transferred to the National Bank of Saudi Arabia, which will respect the terms of the contracts previously concluded by the Samba Group, The National Commercial Bank obtained the approval of the Capital Market Authority to increase its capital from 30 billion Saudi riyals to 44.78 billion Saudi riyals. Samba Financial Group acquired 0.739 ordinary shares in the National Bank of Saudi Arabia for every ordinary share they own in Samba Financial Group.
Saudi National Bank
18 months expected to complete the business combination
April 2021 the giant bank launched
896 billion riyals total assets
127 billion riyals equity
15.6 billion riyals consolidated net profit
30% of the size of the new bank in the market