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Saudi Arabia's biggest lender NCB in merger talks with Samba

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National Commercial Bank , Saudi Arabia's biggest lender, said on Thursday it had signed an initial agreement with smaller lender Samba Financial Group to create a combined entity with almost $214 billion in assets.

FILE PHOTO: A Saudi man walks outside the Saudi National Commercial Bank , after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. REUTERS/Ahmed Yosri

Low oil prices and weak economic growth are pushing bank consolidation across the Gulf and if completed the merger would create one of the region’s largest lenders by assets, ranking third after Qatar National Bank and UAE’s First Abu Dhabi Bank . NCB has a market value of nearly $30 billion, more than double that of Samba, which according to Refinitiv data is the kingdom’s fourth largest lender by assets,

The merger would also create an entity with a lending portfolio worth 432 billion riyals, a source familiar with the matter said.

 

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