The new name as a result of its merger with Samba Financial Group will be Saudi National Bank, the National Commercial Bank (NCB) has announced on Tuesday.
The bank said in a bourse statement that the merger remains subject to obtaining the required regulatory approvals and the approvals of the banks’ shareholders.
NCB and Samba will maintain their operations and customer services independently until the shareholders vote on the merger. All legal requirements and regulatory approvals will be fulfilled, as the merger is expected to be completed in H1 2021.
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.