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NCB, Samba to complete merger with no creditor objections

NCB, Samba to complete merger with no creditor objections
National Commercial Bank (NCB) to be renamed The Saudi National Bank
SAMBA
1090
4.62% 38.50 1.70
Default Company
1180.O
0.00% 0.00 0.00

Riyadh – Mubasher: The National Commercial Bank (NCB) and Samba Financial Group have announced the expiry of the creditor objection period with no outstanding unsatisfied creditor objections for their planned merger.

Through the merger, Samba Financial Group and all of its assets and liabilities will be transferred to NCB, which will accordingly change its name to The Saudi National Bank.

“Work is currently underway to complete the registration procedures to register the new name in order to commence the official use."

CB and Samba have satisfied the required regulatory approvals and the merger conditions agreed between the two banks, according to a disclosure to the Saudi Stock Exchange (Tadawul).

Shareholders of Samba Financial Group, who are registered in the registry at the Saudi Securities Depository Center Company (Edaa) at the end of trading on Sunday, 4 April, will be eligible to receive 0.739 shares in the bank for every Samba Financial Group share.

The extraordinary general meeting (EGM) of NCB recently approved raising capital for the purpose of merging with Samba Financial Group.

NCB is issuing 1.478 billion ordinary shares with a nominal value of SAR 10 per share for the shareholders of Samba Financial Group, thus raising the bank’s capital from SAR 30 billion to SAR 44.78 billion.

Procedures are expected to be completed within six trading days, according to Tadawul