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NCB-Samba to merge into Saudi banking heavyweight

  • 📰 Reuters
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Saudi Arabia's biggest lender NCB signs binding merger agreement with Samba

Low oil prices and weak economic growth are pushing bank consolidation across the Gulf.

Saudi Arabia has encouraged consolidation in the banking sector as it seeks to create stronger entities able to support the role the private sector can play in its push to diversify its oil-dependent economy. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund , is a major investor in both banks, with current stakes of 44.29% in NCB and 22.91% in Samba.

Upon completion of the merger, shareholders of Samba will receive 0.739 new NCB shares for every one share of Samba, NCB said.

 

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