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The National Commercial Bank has revealed its intention to change the name of the bank to “The National Bank of Saudi Arabia”, after finalizing the potential merger with Samba Financial Group.
The merger will result in the inauguration of the Kingdom’s new pioneer bank with combined total assets of over 837 billion Saudi Riyals (US $ 223 billion), which, through its financial capabilities and capabilities, will contribute to the in the banking sector and strengthen its contribution to supporting social and economic development in accordance with the Kingdom’s Vision 2030.
The next steps in the merger process include obtaining the necessary regulatory approval and a shareholder vote on the process at the extraordinary general meeting of the two banks.
On this occasion, National Commercial Bank President Saeed bin Muhammad Al-Ghamdi said, “The merger aims to create great value for all stakeholders, including shareholders, customers and employees of both banks. The name “National Bank of Saudi Arabia” reflects our vision to launch a bank with a high financial position and liquidity that qualifies it to advance the economic and social transformation of the Kingdom.
In turn, the Chairman of the Board of Directors of Samba Financial Group, Ammar bin Abdul Wahid Al-Khudairi, said: “The proposed name of ‘National Bank of Saudi Arabia’ reflects the goals that we seek to achieve through the merger process, which is to create a banking giant which is the largest in the Kingdom. We hope that the new bank will be the reliable partner of large companies and institutions, supporting mega deals and projects that advance our economy and society, and a center for skills development and training of future leaders in the sector.
With its strong financial position and financing capabilities, the new entity will offer greater potential for facilitating trade and improving cash flow to and from the Kingdom via regional and global markets. The new entity will also help promote the growth of small and medium-sized enterprises. large companies by providing innovative digital services, and the new bank will benefit from its strengths. Both banks need to improve retail banking services, private banking services and meet customer needs in order to strengthen home ownership, savings and investment.
The two banks will continue to operate independently and serve their customers as usual until shareholders vote on the merger and all legal requirements and regulatory approvals are met. The merger should be finalized during the first half of 2021 and the National Bank will issue new shares to shareholders of the Samba group via the capital increase. The headquarters of the new bank will be in the capital, Riyadh. The obligation to obtain relevant regulatory approvals and shareholder approval of both banks.
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