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SNB Begins Transferring Customers’ Accounts to New Bank

Saudi National Bank (SNB) (Asharq Al-Awsat)
Saudi National Bank (SNB) (Asharq Al-Awsat)
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SNB Begins Transferring Customers’ Accounts to New Bank

Saudi National Bank (SNB) (Asharq Al-Awsat)
Saudi National Bank (SNB) (Asharq Al-Awsat)

Saudi Samba Financial Group, which recently merged with the National Commercial Bank, began transferring customers' accounts to the new National Bank of Saudi Arabia, sources told Asharq Al-Awsat.

The transfer will be done gradually, and it will not affect the customer’s operations, as all clients will be contacted regarding their accounts and the monthly wages of employees.

Asharq Al-Awsat learned that Samba Financial Group informed its clients of the procedure. The group will contact them upon the transfer completion to start activating their accounts following simple steps online or by visiting the nearest SNB branch. They will then receive a ‘Mada” card which will be activated via SMS.

Last year, the Saudi National Commercial Bank (NCB) and Samba Financial Group (Samba) announced the completion of the biggest merger in the Middle East to create a new Saudi banking champion and a regional powerhouse, Saudi National Bank (SNB).

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.

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.

It is noteworthy that the Saudi National Bank appointed Ammar al-Khudairy as chairman and Yazeed al-Humied as vice chairman of the new company’s board.

The decision also included the appointment of Saeed al-Ghamdi as Managing Director and CEO of the Bank.

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.