The merger of National Commercial Bank (NCB) and Samba Financial Group has been approved by their shareholders to create the biggest bank in Saudi Arabia.
The combined bank will operate under the brand name Saudi National Bank, starting April this year.
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It is estimated that Saudi National Bank will have approximately 30% market share across all metrics.
The merger has already received all regulatory approvals, including from the Saudi Central Bank (SAMA), General Authority for Competition (GAC), Capital Markets Authority (CMA), and Tadawul.
NCB chairman Saeed Al-Ghamdi said: “Saudi National Bank will deliver value not just for our esteemed shareholders, customers, and employees, but for the nation as a whole.
“We will be uniquely positioned to transform the Saudi banking sector and propel the Kingdom closer to its Vision 2030 goals and I am very grateful for the opportunity to serve the people of Saudi Arabia alongside my colleagues and create a bank that delivers value for all stakeholders.”
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By GlobalDataSaudi National Bank will be headquartered in Riyadh.
Saeed Al-Ghamdi will act as the managing director and group CEO of the merged group, while Ammar Alkhudairy, chairman of Samba, will serve as its chairman.
Alkhudairy commented: “This vote of confidence for the merger confirms the compelling commercial and strategic rationale of the deal and I want to thank the Samba shareholders for their support. This is a historic milestone for the Saudi banking sector, which will now have a powerhouse that is truly ‘a bank for all’.
“Saudi National Bank will unlock significant opportunities as a larger and exceptionally well-capitalized bank. I truly look forward to the journey ahead as we prepare to launch Saudi National Bank.”
Furthermore, NCB has secured nod from the CMA to increase its capital from SR30b to SR44.78bn in order to issue new shares in NCB to Samba shareholders.
Following the completion of the merger, Samba shares will be de-listed from the Saudi Stock Exchange (Tadawul).
