We will not do without employees after merging with “Al-Ahly”

Samba chairman Ammar Al-Khudairi has said that no employees of Samba and Al-Ahly banks will be laid off as a result of the merger.

Speaking to Al-Arabiya, he added that the estimated savings of 800 million riyals per year are mainly due to the reduction in the cost of technological systems in the two banks.

He explained that the bank would soon open a branch in London, noting that the new entity will focus on the local market, but at the same time it is looking to expand into a number of countries, indicating that this matter is up to the point. study.

He added that countries that have significant trade with the Kingdom will be a top priority for the bank.

He explained that the redeployment card was under consideration and did not mean the closure of branches. “On the contrary, we may need to increase the number of branches and there is a plan for more comprehensive coverage of some areas which may not be well served.”

He pointed out that “ there could be a study on the redeployment of some branches, in particular that there are branches of Al-Ahly and Samba Bank which are only a few meters apart, and that the one of the two branches must therefore be closed and transformed into a new geography to serve customers. “

Regarding the investment banking sector in the new entity after the merger, Al-Khudairi said that the two banks, Samba and Al-Ahli, occupied the first and second places regarding the banking sector. investment, indicating that the merger will allow the new entity to meet the future needs of the Kingdom.

He continued, “The budget of the two banks is over 850 billion riyals, and a large part of this budget will be used to finance development projects and finance companies that contribute to these operations.”