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The two lenders agreed in October to combine their balance sheets to create the biggest bank in the kingdom with an asset base of 896 billion riyals ($239bn). In preparation for the merger, NCB received approval from the CMA to raise its capital from 30bn riyals to 44.78bn riyals, allowing it to issue new shares to Samba shareholders. The share swap ratio was set at 0.739 NCB ordinary shares for each Samba ordinary share. SNB, with headquarters in Saudi Arabia’s capital Riyadh, will have a 30 per cent market share and benefit from increased scale, “the sharing of best practice and unprecedented depth of employee talent”, the bank said in a March 2 statement. ....
NCB, Samba complete historic merger; set up new entity SNB MANAMA, 3 days ago Leading Saudi banks - National Commercial Bank (NCB) and Samba Financial Group (Samba) - has announced the formal completion of their historic merger to create a new regional financial powerhouse - Saudi National Bank.
The banking group began trading as a single listed entity under the new combined entity name, Saudi National Bank (SNB), on the Saudi bourse Tadawul from today (April 1).
With over SR896 billion ($239 billion) in total assets, SR127 billion ($34 billion) in shareholders’ equity, and a combined net profit of SR15.6 billion ($4.2 billion), Saudi National Bank is the largest bank in Saudi Arabia with 30% market share across all metrics. ....
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NCB, Samba to relocate some branches as lenders combine arabnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabnews.com Daily Mail and Mail on Sunday newspapers.
NCB, Samba Shareholders Approve Merger to Create Saudi Arabia's No.1 Bank aawsat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aawsat.com Daily Mail and Mail on Sunday newspapers.