NCB and Samba shareholders give nod for mega-merger
- The combination of the two Saudi banks is the latest in a wave of Gulf banking mergers
- Analysts expect the wider regional banking sector to witness more consolidation
Published 02 Mar,2021 via Arab News - Economy DUBAI - Shareholders of National Commercial Bank and Samba Financial Group have approved the merger of the pair.
It comes almost four months after the lenders entered into a binding agreement to combine and create an enlarged group with SR837 billion ($223 billion) in assets.
NCB shareholders also approved the increase of the bank’s share capital to SR44.78 billion from SR30 billion a year earlier, NCB said in a regulatory filing.
Continue reading
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Joined by 12,000+ Islamic economy professionals
Create a free account
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Arab News