Riyadh – Mubasher: The Saudi National Bank (SNB) expects the merger between NCB Capital Company (NCB Capital) and Samba Capital and Investment Management Company (Samba Capital) to take effect by the third quarter (Q3) of 2021.

“Both NCB Capital and Samba Capital are currently working on completing all relevant procedures,” SNB said in a bourse disclosure on Tuesday.

On Monday, the Saudi Capital Market Authority (CMA) approved the merger of Samba Capital and Investment Management Company as the merged company into NCB Capital Company as the merging company.

On 1 April 2021, 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.