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.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.