Riyadh – Mubasher: The Saudi General Authority for Competition (GAC) expressed its no objection to finalise the economic concentration process between the National Commercial Bank (NCB) and Samba Financial Group, according to the authority’s statement.

Last October, NCB entered into a legally binding merger agreement with Samba to take the necessary steps to implement a merger between the two banks.

The completed transaction involves a merger by NCB to Samba. Under the deal, shareholders of Samba will receive 0.739 new NCB shares in exchange for every share they hold in Samba,

The merger will create a regional powerhouse with SAR 837 billion ($223 billion) in assets, uniquely positioned to accelerate the transformation of Saudi Arabia’s banking landscape and deliver progress towards Vision 2030.