Read more about Saudi’s National Commercial Bank buys Samba Financial in $14.8 bn deal on Business Standard. The bank will control some $223 billion in assets and a market capitalisation of $46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank said
Saudi Arabia’s National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom’s largest bank. The bank will control some $223 billion in assets and a market capitalisation of $46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank said in a filing on Riyadh’s Tadawul stock market announcing the deal. The new bank will control a quarter of all banking in the kingdom, it said. NCB will pay Samba a premium of 3.5 per cent on the closing price of its stock Thursday in the deal, which will see it dissolve into the NCB brand.
