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NCB, Samba Move Forward with Major Merger Plan

NCB and Samba received on Feb. 1, 2021, the approval of the Saudi Central Bank (SAMA) for the merger. (File/Reuters)
NCB and Samba received on Feb. 1, 2021, the approval of the Saudi Central Bank (SAMA) for the merger. (File/Reuters)
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NCB, Samba Move Forward with Major Merger Plan

NCB and Samba received on Feb. 1, 2021, the approval of the Saudi Central Bank (SAMA) for the merger. (File/Reuters)
NCB and Samba received on Feb. 1, 2021, the approval of the Saudi Central Bank (SAMA) for the merger. (File/Reuters)

Samba Financial Group and National Commercial Bank (NCB) are moving forward at a quick pace with the biggest merger of its kind in the Middle East.

Saudi Arabia's Capital Market Authority (CMA) gave the green light for NCB to increase its capital from SAR30 billion ($8 billion) to SAR 44.7 billion ($11.9 billion), through issuing 1.478 billion ordinary shares.

The move aims to merge Samba Financial Group into NCB by transferring the former's assets and liabilities to the latter under share swap.

NCB will publish the capital hike circular within sufficient time before holding its extraordinary general meeting.

The market regulator approved the proposed offer timetable, as well as the publication of the merger offer submitted by NCB. The offer will be published to Samba shareholders within sufficient time before holding its extraordinary general meeting.

If NCB shareholders approve the capital increase, and Samba shareholders accept the merger offer in their extraordinary general meetings, the new shares will be issued to Samba shareholders who are registered at the Securities Depository Center (Edaa).

In addition, Samba shares will be delisted from Tadawul after the merger decision becomes effective.

CMA said shareholders must be informed of the circular and the offer and should study them carefully in order to reach the right decision when voting.

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Oil Heads Towards Second Consecutive Weekly Gain on Supply Concerns 

An Oil refinery is seen from Maracaibo, Zulia State, Venezuela on March 19, 2025. (AFP)
An Oil refinery is seen from Maracaibo, Zulia State, Venezuela on March 19, 2025. (AFP)
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Oil Heads Towards Second Consecutive Weekly Gain on Supply Concerns 

An Oil refinery is seen from Maracaibo, Zulia State, Venezuela on March 19, 2025. (AFP)
An Oil refinery is seen from Maracaibo, Zulia State, Venezuela on March 19, 2025. (AFP)

Oil prices rose on Friday and were heading for a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.

Brent crude futures were up 12 cents, or 0.2%, at $72.12 a barrel by 0850 GMT. US West Texas Intermediate crude futures rose 15 cents, also 0.2%, to $68.22.

On a weekly basis, both Brent and WTI were on track for gains of more than 1%, their biggest since the first week of the year.

The United States Treasury on Thursday announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China.

New US sanctions against Iran's oil exports triggered Thursday's rally in oil prices along with the OPEC+ pledge to compensate for overproduction, said PVM analyst Tamas Varga.

Thursday's announcement marked Washington's fourth round of sanctions against Iran since US President Donald Trump in February promised "maximum pressure" on Tehran and pledged to drive the country's oil exports to zero.

Analysts at ANZ Bank said they expect a 1 million barrels per day (bpd) reduction in Iranian crude oil exports because of tighter sanctions. Vessel tracking service Kpler estimated Iranian crude oil exports above 1.8 million bpd in February.

Oil prices were also supported by the new OPEC+ plan for seven members to cut output further to compensate for producing more than agreed levels. The plan would represent monthly cuts of between 189,000 bpd and 435,000 bpd until June 2026.

OPEC+ this month confirmed that eight of its members would proceed with a monthly increase of 138,000 bpd from April, reversing some of the 5.85 million bpd of output cuts agreed in a series of steps since 2022 to support the market.