Oct 13, 2020, 04:00 EST
Bronx, United States, Oct 13, 2020, 04:00 /Comserve / -- The National Commercial Bank (NCB) has entered into an agreement that will merge them with Samba Financial Group (Samba).
Riyadh/Jeddah, Oct. 12 2020 – The National Commercial Bank (NCB) has entered into an agreement that will merge them with Samba Financial Group (Samba). This merger, if given the approval by the shareholders and regulators, will allow two distinct banks to create the largest bank in Saudi Arabia which will have the ability to generate a significant value not only for the Saudi economy but also for its customers and shareholders.
The headquarters for the new bank will be in Riyadh and have Ammar Abdullah Alkhudairy as the proposed Chairman. The Managing Director and Group CEO will be Saeed Mohammed Al-Ghamdi.
According to the agreement, the merger will have the final exchange ratio of 0.739 NCB ordinary shares for each Samba ordinary share. Based on net income, this will be the number one bank in the Middle East region. As of 30 June 2020, the aggregated financials were recorded at SAR 7.2 billion (USD 2 billion). In assets, the aggregated financials were recorded at SAR 837 billion (USD 223 billion) and had a combined equity base of SAR 120 billion (USD 32 billion).
The bank aims to become a preeminent financial institution providing service to around 25 percent of the retail and wholesale banking markets in Saudi Arabia. The bank also marks a significant value creation potential which will be propelled by an increased scale and with annual efficiency gains of SAR 800 million (USD 213 million).
With 82 percent loan to deposit ratio, the bank has strong liquidity along with a solid capital position and supports economic transformation in Saudi Arabia. This includes mega projects to small-scale businesses and it does this by facilitating trade and capital flow.
Back in October 2019, NCB had entered into an exclusive partnership with Mastercard to bring about an innovation in the process of making payments in Saudi Arabia. Both companies worked together to release a suite of card-based payment products and developed advanced technological solutions that enhanced the payment experience for NCB customers.
COMSERVE empowers communicators by offering modern digital PR solutions and distribution services to identify and engage with customers, opinion leaders, bloggers and other relevant audience.
For more information, please contact:Anna R .Moser
North American Immortals Gaming Club has appointed ALL33 as its Official Chair Partner. ALL33, whi
The Government Pension Fund Global of Norway reported losses worth NOK 188 billion with a -3.4% retu