Riyadh – Mubasher: The National Commercial Bank (NCB) announced receiving the Saudi Central Bank’s (SAMA) go-ahead for its intended merger with Samba Financial Group.

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, NCB said in a bourse disclosure on Tuesday.

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

On Monday, 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.

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.

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.