Shareholders in both National Commercial Bank (NCB) and Samba Financial Group (Samba) are to vote on the merger of the two Saudi banks at extraordinary general assembly meetings on March 1.

The two banks announced the merger in October last year and revealed last month that the merger would create a new brand, Saudi National Bank.

In a statement to Saudi Stock Exchange Tadawul, NCB said shareholders at the meeting, to be held remotely due to COVID-19 safety measures, would vote on the merger as well as the increase of the bank’s share capital to SAR 44.78 billion ($13 billion) from SAR 30 billion ($8 billion).

The combined assets of the two banks will be $223 billion.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

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© ZAWYA 2021