NCB, Samba to be named Saudi National Bank following merger

NCB, Samba to be named Saudi National Bank following merger
A man withdraws money from an ATM outside a branch of Saudi National Commercial Bank (NCB), in Riyadh, Saudi Arabia, March 18, 2020. (Reuters)
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Updated 01 February 2021

NCB, Samba to be named Saudi National Bank following merger

NCB, Samba to be named Saudi National Bank following merger
  • Committee responsible for preparing the integration plan resolved that the proposed name, Saudi National Bank, shall be the new name of the merged bank
  • NCB also noted that the merger remains subject to obtaining the required regulatory approvals and the approvals of the banks’ shareholders

National Commercial Bank (NCB) announced Feb. 1 that, with respect to the bank’s merger with Samba Financial Group, the committee responsible for preparing the integration plan resolved that the proposed name (Saudi National Bank) shall be the new name of the merged bank upon the merger effective date, according to a bourse filing.

The bank also noted that the merger remains subject to obtaining the required regulatory approvals and the approvals of the banks’ shareholders.

Last month, the Saudi General Authority for Competition (GAC) approved the planned merger between the two banks.

On Oct. 11, 2020, NCB entered into a legally binding merger agreement with Samba, where both banks have now agreed to take the necessary steps to implement a merger in accordance with Articles 191-193 of the Companies Law and Article 49(a)(1) of the Merger and Acquisition Regulations issued by the Capital Market Authority, Argaam reported.