NCB to change name to #Saudi National Bank after its merger | The National

NCB to change name to Saudi National Bank after its merger | The National

National Commercial Bank (NCB), Saudi Arabia's biggest lender by assets, plans to change its name to Saudi National Bank, once it completes its merger with rival Samba Financial Group.

The deal will create the Arab world’s third-biggest banking entity with assets worth $223 billion.

“The committee responsible for preparing the integration plan resolved that the proposed name [Saudi National Bank] shall be the new name of the merged bank” once the merger is approved, NCB said in a statement to Saudi Stock Exchange, where its shares trade.

The transaction, which is subject to approval by the banking regulator and shareholders of both NCB and Samba, is expected to be completed in the first half of this year, the two lenders said in separate statements to the bourse on Monday.