News Formal

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

  • 📰 malaymail
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 86%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Turkish business groups call for Saudi action to resolve trade problems | Malay MailISTANBUL, Oct 10 — Turkey’s leading business groups urged Saudi Arabia today to take action to improve trade relations as Turkish firms encounter growing problems in doing business with the Gulf Arab state. Saudi Arabia and Turkey have been at odds for some years over foreign policy and...
Source: malaymail - 🏆 1. / 86 Read more »