Riyadh – Samba Financial Group said that it and the National Commercial Bank (NCB
) will not lay off any of their employees following their intended merger, Samba’s Board Chairman, Ammar Al Khudairy, told Al Arabiya on Wednesday.
He added that the savings estimated at SAR 800 million per year result mainly from reducing costs for the IT systems in the two banks.
Moreover, he revealed that Samba will be opening a branch in London soon, adding that the new entity will mainly focus on the local market, albeit meanwhile, will seek to expand in a number of countries, particularly those having large trade exchange with Saudi Arabia. However, he said the matter is still under consideration.
The two banks may need to increase the number of branches to better cover some regions. In addition, the budget of the two banks exceeds SAR 850 billion, of which a great part will be used in financing developmental projects, Al Khudairy added.
In October 2020, NCB entered into a legally binding merger agreement with Samba to take the necessary steps to implement a merger between the two banks.
The completed transaction involves a merger by NCB to Samba.
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