Saudi National Bank began its first day trading as a single listed entity on the Saudi Stock Exchange on Thursday, following the historic merger of National Commercial Bank (NCB) and Samba Financial Group (Samba).
The move, which was rubber-stamped by shareholders from both outfits last month, has created the largest bank in the kingdom with over SAR896 billion ($239 billion) in total assets, SAR127billion ($34billion) in shareholders’ equity and a combined net profit of SAR15.6billion ($4.2billion) as well as 30 percent market share across all metrics.
Ammar Al-Khudairy, chairman of Saudi National Bank, said: “This is truly a historic moment that we can all be proud of. The formation of Saudi National Bank signals a new era of banking for the kingdom, and I want to thank our shareholders, customers, and employees for their unwavering support.
“Now with the legal completion of the merger, Saudi National Bank is in prime position to compete regionally and locally, ultimately creating a positive impact for all of our stakeholders while accelerating the Kingdom’s journey towards Vision 2030.”
The merger had previously received regulatory approvals from the Saudi Central Bank (SAMA), General Authority for Competition (GAC), Capital Markets Authority (CMA), and the Saudi Stock Exchange (Tadawul).
While the legalities of the merger have completed, the two banks will continue to service customers as normal while progressing the full integration of products and services.
Saeed Al-Ghamdi, managing director and group CEO of Saudi National Bank, added: “The legacy banks NCB and Samba served the kingdom over the last 68 years and now, we combine their respective strengths to lead the future of banking that is committed to creating value for the nation and its people.
“Our customers remain our priority, and we look forward to ensuring a smooth transition as we enter into the integration process.”
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