The Saudi National Commercial Bank (NCB) and Samba Financial Group (Samba) announced Thursday the formal completion of the biggest merger in the Middle East to create a new Saudi banking champion and a regional powerhouse.
Operations under the new combined entity name, Saudi National Bank (SNB) became effective as of April 1, and the two banks will continue to serve customers as normal while progressing the full integration of products and services.
Customers should continue to bank as normal with their respective banks and will not experience any difference in their banking services.
In case of any updates to products, services, or if any action is required from a customer, the bank will communicate in advance to advise of any changes.
The new bank began trading as a single listed entity on the Saudi Stock Exchange (Tadawul) on April 1, while Samba shares had been de-listed, and all its assets, liabilities, and operations transferred into the Saudi National Bank, which will continue to honor Samba’s obligations going forward.
Saudi National Bank is the largest bank in Saudi Arabia with a 30 percent market share across all metrics. It has over $239 billion in total assets, $34 billion in shareholders’ equity, and a combined net profit of $4.2 billion.
As a strong bank with a robust capital position and strong liquidity, SNB is optimally positioned to finance economic development and enable the delivery of Vision 2030 by leveraging its increased scale, enhanced capabilities, and unparalleled employee talent.
SNA chairman, Ammar al-Khudairy explained that the formation of Saudi National Bank signals a new era of banking for the Kingdom.
He asserted that SNB is in prime position to compete regionally and locally, ultimately creating a positive impact for all of our stakeholders while accelerating the Kingdom’s journey toward Vision 2030.
SNB CEO Saeed al-Ghamdi noted that the legacy NCB and Samba served the Kingdom over the last 68 years and now, they combine their respective strengths to lead the future of banking that is committed to creating value for the nation and its people.
“Our customers remain our priority, and we look forward to ensuring a smooth transition as we enter into the integration process.”
Following earlier approval from the CMA for NCB to increase its capital to 44.78 billion, Samba shareholders will receive 0.739 ordinary shares in SNB as consideration for every ordinary Samba Financial Group share held.
