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The National Commercial Bank and Samba Financial Group today announced the formal completion of their merger under the name “National Bank of Saudi Arabia”, which will be officially launched on April 1, 2021 AD.
Despite the completion of the legal merger between them, the two banks will continue to operate as usual until the full integration of products and services is completed, and customers should continue to deal with their current bank as d ‘habit without facing any difference in their banking services, and in case of any update of products or services or if there are procedures that customers have to follow, the bank will contact them in advance and they will have enough time to complete the necessary procedures.
With a market share of nearly 30% according to all economic indicators, the National Bank of Saudi Arabia is the largest financial institution in the Kingdom with total assets exceeding 896 billion riyals, a capital base of 127 billion of riyals and a combined net profit of 15.6 billion riyals, and benefits from increased liquidity and a strong capital position. It allows it to finance economic development plans and contribute to the achievement of the Kingdom’s vision for 2030 by taking advantage of its expanded scope of activity, its increased efficiency, its efficiency and its expertise. 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 the bank in the Kingdom, and will strengthen its competitiveness at the level local and regional. levels, which will benefit all concerned, especially in light of the acceleration of the Kingdom’s path towards achieving Vision 2030.
For his part, the Managing Director and CEO of Al Ahli Bank of Saudi Arabia, Saeed bin Mohammed Al-Ghamdi, said after nearly 68 years of the National Commercial Bank and the Samba financial group serving customers and creating value for shareholders. With our official launch into this new journey, we are bringing together the strengths of both banks to lead the future of the bank and enhance our contribution to the progress of the Kingdom and its people, and our goal in the coming months will be to ensure a smooth transition for our clients to their new pioneer bank in connection with the standardization of the systems of the two banks.
After the National Commercial Bank obtains the approval of the Capital Market Authority to increase its capital from 30 billion Saudi riyals to 44.78 billion Saudi riyals, the shareholders of Samba Financial Group will receive 0.739 ordinary shares of the Saudi National Bank for each common share they hold in Samba. Financial group.
The new bank began operations as a unified entity listed on the Saudi Stock Exchange (Tadawul) on April 1, 2021, and Samba Financial Group shares were canceled in the market, and all of its assets, debts and operations were transferred to National. Bank of Saudi Arabia, which will respect the terms of contracts previously concluded by the Samba group.
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