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NCB and Samba complete merger deal to create Saudi Arabia's biggest lender


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. ....

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