Further to the announcement made by Samba Financial Group (“Samba”) on 24/02/1442H (corresponding to 11/10/2020G) in respect of entering into a legally binding merger agreement with the National Commercial Bank (“NCB”) pursuant to which Samba and NCB have agreed to take the necessary steps to implement a merger between the two banks in accordance with the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger”), and whereby the announcement stipulated that the Merger is subject to a number of conditions and approvals including obtaining regulatory approvals from the Saudi Central Bank and the General Authority for Competition and other competent authorities, Samba announces the issuance of the non-objection of the Saudi Central Bank on 19/06/1442H (corresponding to 01/02/2021G) on the Merger and a number of relevant matters; and the non-objection of the General Authority for Competition on 15/06/1442H (corresponding to 28/01/2021G) on the completion of the economic concentration, noting that the Merger remains subject to a number of conditions including obtaining the remaining regulatory approvals and the approvals of the banks’ shareholders.
Previous Announcement
Samba’s announcement in relation to the entry into a binding merger agreement with NCB
Date of Previous Announcement on Tadawul's Website
2020-10-11 Corresponding to 1442-02-24
Percentage of fulfilled achievement
Not applicable.
Event's Expected Completion Date
As previously announced, the banks expect the Merger to complete during the first half of 2021.
The costs associated with the event, and if they have changed or not with indication of the reasons.
For further details on the Merger, please refer to Samba’s announcement on 24/02/1442H (corresponding to 11/10/2020G) regarding its entry into a binding merger agreement with NCB.
Additional Information
For further details on the recent developments of the Merger, please refer to Samba’s announcements published on the Saudi Stock Exchange (Tadawul) on 09/05/1442H (corresponding to 24/12/2020G) and 19/06/1442H (corresponding to 01/02/2021G).
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