Saudi's NCB, Samba agree merger deal to create bank of $223 bln in assets
Saudi Arabia's National Commercial Bank and Samba Financial Group have agreed to merge, creating an institution with 837 billion riyals ($223 billion) in assets.
In a bourse filing on Sunday (Oct 11) NCB said it will pay Samba shareholders 0.739 new NCB shares for every one Samba share based on a value of 28.45 riyals. This is a 3.5% premium to Samba's closing share price on Oct 8, which was the last business day before the announcement of the merger.
NCB chairperson Saeed Al-Ghamdi said the bank's aim is to create a "national champion" that can facilitate Saudi Arabia's economic transformation under its Vision 2030.
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