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Saudi’s NCB buys Samba in US$15b bank merger | Malay Mail

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Saudi’s NCB buys Samba in US$15b bank merger | Malay Mail
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RIYADH, Oct 12 — Saudi Arabia’s National Commercial Bank (NCB) yesterday said it will purchase rival lender Samba in a deal valued at around US$15 billion (RM62 billion) to create what would be the kingdom’s largest bank. The deal underscores a push by financial lenders to consolidate as the...

The merged entity will have more than US$223 billion in assets, it added, making it the kingdom’s biggest lender. — Reuters pic

The deal underscores a push by financial lenders to consolidate as the kingdom grapples with the twin shocks of a coronavirus-led economic slowdown and low crude oil prices. “If approved by shareholders and regulators, the merger will bring together two highly complementary banks to create Saudi Arabia’s largest bank.”The merged entity will have more than US$223 billion in assets, it added, making it the kingdom’s biggest lender.

“Saudi Arabia is undergoing a historic transformation with Vision 2030,” NCB’s chairman Saeed Mohammed al-Ghamdi was quoted as saying in the statement.The statement said the new bank will support the kingdom’s “landmark deals and mega projects”, which are aimed at diversifying the economy.

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