Riyadh – Mubasher: Saudi National Bank has completed its merger with Samba Financial Group to establish the largest banking entity in Saudi Arabia with a capital of SAR 44.78 billion.
SNB has finalised the merger's last phase within nine months since the process started with the legal launch of the new entity on 1 April 2021, according to a bourse filing on Sunday.
The merger comprises migrating personal and corporate customer accounts, treasury, NCB Capital, and Samba Capital customers, alongside migrating other administrative sectors and the merger of branches of both banks.
It is noteworthy to mention that in July 2021, the Saudi Capital Market Authority (CMA) has approved the merger of NCB Capital Company (NCB Capital) and Samba Capital and Investment Management Company (Samba Capital).
