The shareholders of the National Bank and the Samba Group agreed to the merger of the two banks to establish a national banking giant and a regional financial power, under the name of “The National Bank of Saudi Arabia”, which will start its operations on April 1, 2021, and the listing of the shares of “Samba” will be canceled on the same date. The shareholder’s vote came after the statutory quorum was completed during the extraordinary general assembly meeting of both banks on March 1, 2021, when the shareholders of the National Commercial Bank and Samba Financial Group voted overwhelmingly to approve the merger of the two banks. The shareholders vote comes after obtaining all the necessary regulatory approvals, including obtaining the Saudi Central Bank (SAMA) non-objection, non-objection from the General Authority for Competition, and approval of the Capital Market Authority, in addition to the approval of the Saudi Stock Exchange (Tadawul).
The National Bank of Saudi Arabia will enjoy a market share of 30% of the local banking sector, and the consolidation of the two banks’ business will provide a wider business scope, greater participation of best practices in the field, and unlimited development of national competencies and talents.
Commenting on the results of the assembly, Saeed Al-Ghamdi, Chairman of the National Commercial Bank, confirmed that the results of the extraordinary general meeting vote reflect the attractiveness of the benefits and advantages that the merger of the two banks will provide, and the bank will elevate the Saudi banking sector to new heights. Samba Bank Board Chairman Ammar Al-Khudairi confirmed that the shareholders ’vote of approval reflects their confidence in the strategic and commercial objectives of the merger. The National Bank of Saudi Arabia will benefit from the leadership of the two banks in the field of retail banking and its position as the largest institutional financier, supported by a strong balance sheet, a balanced business model with a global level, and large liquidity that will enhance its competitiveness at the local and regional levels.
On the date of the completion of the merger, the shares of Samba Financial Group will be canceled from the Saudi Stock Exchange (Tadawul), and all its assets and liabilities will be transferred to the National Bank of Saudi Arabia.