Riyadh – Mubasher: Samba Financial Group has announced new details regarding its intended merger with the National Commercial Bank (NCB).

Samba said 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 upon the merger effective date, according to a bourse filing.  

The merger, expected to complete during the first half (H1) of 2021, remains subject to obtaining the required approvals from regulatory bodies and the banks’ shareholders.

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.

Last week, the Saudi General Authority for Competition (GAC) approved the economic concentration process between NCB and Samba.

In October 2020, 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.