Two of Saudi Arabia’s biggest banks have just signed a deal on Sunday for a merger that is going to be the biggest bank merger of this year globally.
It is also going to create the largest bank in Saudi Arabia, which is expected to be a regional powerhouse
National Commercial Bank, the oldest in the country, is combining with Samba Financial group in a $32 billion deal that will create the most profitable bank in the region
Together, they will control $223 billion in assets
The National Bank will continue to exist upon the completion of the merger while all the shares for SAMBA will expire and the National Bank will issue new shares to the shareholders of the Samba Group.
يسرنا أن نعلن عن توقيع اتفاقية اندماج ملزمة مع@SambaBank سينتج عنها بنك رائد جديد في السعودية والذي سيدعم التنمية الاجتماعية والاقتصادية في المملكة #الأهلي_سامبا_أقوى.
للمزيد من المعلومات، يرجى زيارة: https://t.co/Ept6qMJs7K pic.twitter.com/mfMaHdfWhC
— البنك الأهلي التجاري (@AlAhliNCB) October 11, 2020
Both banks will continue operating separately until the merger is fully completed, which is expected to take place in the first half of 2021.