We will be uniquely positioned to transform the Saudi banking sector and propel the Kingdom closer to its Vision 2030 goals and I am very grateful for the opportunity to serve the people of Saudi Arabia alongside my colleagues and create a bank that delivers value for all stakeholders."Īmmar Alkhudairy, Chairman of Samba, commented: "This vote of confidence for the merger confirms the compelling commercial and strategic rationale of the deal and I want to thank the Samba shareholders for their support. Saudi National Bank will deliver value not just for our esteemed shareholders, customers, and employees, but for the nation as a whole.
The result of the vote at the EGA speaks volumes of how attractive the value proposition for this merger is. Saeed Al-Ghamdi, Chairman of NCB, said: "I want to express my sincere gratitude to the NCB shareholders for their tremendous support. Saudi National Bank will be the number one Saudi bank with ~30% market share across all metrics and benefit from increased scale, sharing of best practices and unprecedented depth of employee talent. The merger will create a pre-eminent financial institution with significant value creation potential for shareholders, customers and employees, structured to finance economic development, support Vision 2030 and facilitate trade and capital flows with the region and the rest of the world. This follows earlier receipt of all regulatory approvals, including from the Saudi Central Bank (SAMA), General Authority for Competition (GAC), Capital Markets Authority (CMA), and Tadawul. The merged entity will be called Saudi National Bank and operations under the new name and structure are planned to start on 1 April 2021.Īt separate Extraordinary General Assembly meetings held on 1 March 2021, shareholders of NCB and Samba voted overwhelmingly in favor of the merger.
Riyadh/Jeddah – KSA, 2 March 2021 – National Commercial Bank (NCB) and Samba Financial Group (Samba) announced today that their shareholders have approved the historic merger to create a new Saudi banking champion and a regional powerhouse. Saudi National Bank will be headquartered in Riyadh.Saudi National Bank will be by far the largest bank in Saudi Arabia with over SAR 896 billion ($239 billion) in total assets, SAR 127 billion ($34 billion) in shareholders' equity and a combined net profit of SAR 15.6 billion ($4.2 billion).Shareholders of NCB and Samba voted in favor of the merger of Samba into NCB and to change the name of NCB to Saudi National Bank.Saudi National Bank on track to launch on 1 April 2021.NCB and Samba shareholders approve merger to create Saudi National Bank
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