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NCB, Samba Complete Largest Banking Merger in Saudi Arabia

A general view of Riyadh, Saudi Arabia. (AFP)
A general view of Riyadh, Saudi Arabia. (AFP)
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NCB, Samba Complete Largest Banking Merger in Saudi Arabia

A general view of Riyadh, Saudi Arabia. (AFP)
A general view of Riyadh, Saudi Arabia. (AFP)

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.

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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura

China announced Friday that it will raise tariffs on US goods from 84% to 125% — the latest salvo in an escalating trade war between the world's two largest economies that has rattled markets and raised fears of a global slowdown.

While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as “economic bullying" and promised countermeasures. The new tariffs begin Saturday.

Washington's repeated raising of tariffs “will become a joke in the history of the world economy,” a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the US tariffs.

“There are no winners in a tariff war,” Chinese leader Xi Jinping said during a meeting with the Spanish Prime Minister Pedro Sanchez, according to a readout from state broadcaster CCTV. “For more than 70 years, China has always relied on itself ... and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.”

Chinese Foreign Minister Wang Yi on Friday said China stands firm against Trump’s tariffs not only to defend its own rights and interests but also to “safeguard the common interests of the international community to ensure that humanity is not dragged back into a jungle world where might makes right.”

Wang made the remarks when he met Rafael Mariano Grossi, director general of the International Atomic Energy Agency in Beijing. Wang said China will “work together with other countries to jointly resist all retrogressive actions in the world.”

Trump's on-again, off-again measures have caused alarm in stock and bond markets and led some to warn that the US could be headed for a recession. There was some relief when Trump paused the tariffs for most countries — but concerns remain since the US and China are the world's No. 1 and No. 2 economies, respectively.

“The risk that this escalating trade war tips the world into a recession is rising as the two largest and most powerful countries in the world continue to punch back with higher and higher tariffs,” Jennifer Lee, a senior economist at BMO Capital markets, wrote Friday. “No one truly knows when this will end.”

Chinese tariffs will affect goods like soybeans, aircrafts and their parts and drugs — all among the country's major imports from the US Beijing, meanwhile, suspended sorghum, poultry and bonemeal imports from some American companies last week, and put more export controls on rare earth minerals, critical for various technologies.

The United States' top imports from China, meanwhile, include electronics, like computers and cell phones, industrial equipment and toys — and consumers and businesses are likely to see prices rise on those products, with tariffs now at 145%.

Trump announced on Wednesday that China would face 125% tariffs, but he did not include a 20% tariff on China tied to its role in fentanyl production.

White House officials hope the import taxes will create more manufacturing jobs by bringing production back to the United States — a politically risky trade-off that could take years to materialize, if at all.