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The slogans of “National Commercial Bank” and “Samba Financial Group”
The Capital Market Authority announced the release of its decision, which includes approving the National Commercial Bank’s request to increase the capital of the National Commercial Bank from 30 billion riyals to 44.78 billion riyals. , by issuing 1,478 million common shares, for purposes of the merger. Samba Financial Group to the National Commercial Bank and the transfer of all Samba Financial Group assets and obligations to the National Commercial Bank through a securities exchange offer.
The authority indicated that the shareholders’ circular relating to the capital increase of the National Commercial Bank will be published sufficiently early before the convening of the extraordinary general meeting of the National Commercial Bank.
The Authority’s decision included the approval of the publication of the timetable for the offer in addition to the approval to publish the offer document submitted by the National Commercial Bank to the shareholders of Samba Financial Group regarding the merger process of the Samba financial group in the National Commercial Bank. and the transfer of all the assets and liabilities of the Samba Financial Group to the National Commercial Bank through a securities swap offer.
According to the Market Authority, the offer document submitted by the National Commercial Bank to the shareholders of Samba Financial Group to merge the Samba Financial Group into the National Commercial Bank will be published sufficiently before the date of the Extraordinary General Meeting of Samba Financial Group. .
In the event that the shareholders of the National Commercial Bank approve the decision to increase the capital, and the shareholders of Samba Financial Group approve the offer submitted to an extraordinary general meeting of each of them, the compensation shares will be issued at benefit of eligible shareholders of Samba Financial Group according to the register of Samba Financial Group shareholders with the Securities Depository Center Company, and the cancellation of the listing of Samba Financial Group shares on the Saudi Stock Exchange after the entry into force of the merger decision.
According to data from the two banks “Numbers” On February 2, the Saudi Arabian Central Bank issued a letter of no objection to the merger agreement between the two banks and a number of related matters.
The General Competition Authority announced last January that it had no objection to Economic concentration process Between the National Commercial Bank and the Samba Financial Group.
The merger of the two banks is expected to be completed in the first half of 2021.
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