NCB and Samba complete merger deal to create Saudi Arabia's biggest lender | The National
The deal to merge Saudi Arabia’s biggest retail lender National Commercial Bank and it smaller rival Samba Financial Group is now complete, with Samba shareholders receiving new shares in the merged entity.
Saudi National Bank, the merged banking institution that formally began operations on April 1, said in a statement the shares issued to former Samba shareholders are now listed on the Saudi stock exchange.
“As set out in the shareholder circular issued by SNB, the merger has been completed,” it said in a statement to the exchange.
Last month, National Commercial Bank and Samba Financial Group shareholders voted in favour of the merger after the Saudi Central Bank, the General Authority for Competition, the Capital Markets Authority and the stock exchange approved the deal.
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