- Saudi National Bank is the largest bank in Saudi Arabia, with over SAR 896 billion ($239 billion) in total assets
- Customers should expect a gradual transition of accounts and services over the next 9 months while integration of back office functions progresses
- Saudi National Bank will be headquartered in Riyadh
Riyadh: National Commercial Bank (NCB) and Samba Financial Group (Samba) announced today the formal completion of their historic merger to create a new Saudi banking champion and a regional powerhouse. Operations under the new combined entity name, Saudi National Bank (SNB) (ISIN: SA13L050IE10) (SYMBOL: 1180), are effective as of 1st April 2021.
While this completes the legal combination of NCB and Samba, the two banks will continue to service customers as normal while progressing the full integration of products and services. Customers should continue to bank as normal with their respective banks and will not experience any difference to their banking services. In case of any updates to products, services, or if any action is required from a customer, the bank will communicate in advance to advise of any changes.
Ammar Alkhudairy, Chairman of Saudi National Bank, commented: “This is truly a historic moment that we can all be proud of. The formation of Saudi National Bank signals a new era of banking for the Kingdom, and I want to thank our shareholders, customers, and employees for their unwavering support. Now with the legal completion of the merger, Saudi National Bank is in prime position to compete regionally and locally, ultimately creating a positive impact for all of our stakeholders while accelerating the Kingdom’s journey towards Vision 2030.”
Saeed Al-Ghamdi, Managing Director and Group CEO of Saudi National Bank, said: “Today marks the beginning of our journey as Saudi National Bank. The legacy banks NCB and Samba served the Kingdom over the last 68 years and now, we combine their respective strengths to lead the future of banking that is committed to creating value for the nation and its people. Our customers remain our priority, and we look forward to ensuring a smooth transition as enter into the integration process.”
Following earlier approval from the CMA for NCB to increase its capital from SAR 30 billion to 44.78 billion, Samba shareholders will receive 0.739 ordinary shares in Saudi National Bank as consideration for every ordinary Samba Financial Group share held.
The new bank began trading as a single listed entity on the Saudi Stock Exchange (Tadawul) on April 1st, 2021. Equally, Samba shares had been de-listed from the Saudi Stock Exchange (Tadawul), and all its assets, liabilities and operations transferred into the Saudi National Bank, which will continue to honour Samba’s obligations going forward.
NCB and Samba initially entered into a Framework Agreement to conduct due diligence and negotiate definitive and binding terms of a potential merger on 25th June, 2020. Following the successful completion of the due diligence phase NCB and Samba signed a binding agreement to merge on 11th October 2020, subject to shareholder and regulatory approvals.
During two extraordinary general assembly (EGA) meetings on March 1st 2021, NCB and Samba shareholders respectively voted overwhelmingly in favor of the merger. The merger also received the relevant regulatory approvals from the Saudi Central Bank (SAMA), General Authority for Competition (GAC), Capital Markets Authority (CMA), and Tadawul. NCB changed its name to Saudi National Bank and accordingly, Samba merged into Saudi National Bank on 1st April 2021.
Saudi National Bank’s new board and leadership structure is in effect and overseeing the integration process, which is expected to be complete within the next 18 months. Clients, counterparts, and stakeholders will be advised on how the merger may affect them in a phased manner over the coming months.
For more information regarding the merger, visit www.NCBSambaStronger.com.
About Saudi National Bank
The Saudi National Bank (SNB) is the largest financial institution in Saudi Arabia and one of the largest powerhouses in the region. SNB plays a vital role in supporting economic transformation in Saudi Arabia by transforming the local banking sector and catalyzing the delivery of Saudi Arabia’s Vision 2030. Its strategy is closely aligned with the Vision’s programs. SNB also leverages its position as the largest institutional and specialized financier in the Kingdom to support the Kingdom’s landmark deals and mega projects.
 Based on aggregated financials for the two banks as at 31 December 2020
 based on aggregated financials for the two banks as at H1’ 20 and publicly available competitor information for Total Assets, Performing Loans, Customers’ Deposits, H1’20 Operating Income and H1’20 Net Income
© Press Release 2021