March 27, 2023

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Saudi Arabia .. The biggest merger of the Bank and the Financial Group has come to an end

Saudi Arabia .. The biggest merger of the Bank and the Financial Group has come to an end

What is the value of Saudi Bank after the merger?

$ 239 billion.

When was the new company legally launched?

April 1 last year.

Today, Sunday, the National Bank of Saudi Arabia announced the completion of the $ 239 billion merger process between Al-Ahly Commercial and Samba Financial Group, the largest and fastest merger in regional history.

The National Bank said in a statement that the merger would “establish a financial strength with local and regional competitiveness and integrate the position of the Saudi banking sector regionally and globally.”

“All stages of the map for the merger process have been successfully completed, leading to the establishment of the largest banking institution in the country with 900 billion riyals ($ 239 billion) and a capital base of 44. billion and 780 million Saudi riyals ($ 11 billion and $ 928 million), respectively.

He noted that the last phase of the merger process was completed “successfully” within 9 months of the new company’s legal launch on April 1, 2021. This merger process involves 5 key axes, including the exchange of accounts of individual clients and corporate clients, Treasury Department clients and NCB Capital. Transferring customers of capital, transfer of other management departments and merging of branches from both banks.

He added: “The bank has opened more than 1.4 million new accounts for individual customers, which is 100% of the total individual customers. Opened and operated 100% accounts in the segment of companies.

Under a merger agreement announced in April last year, the bank changed its name from “Al-Ahly Commercial” to “Al-Ahly Saudi” and listed “Samba” finance shares in local stocks. The exchange was canceled.

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Al-Ahly was involved in merger talks with Riyadh Bank and later revised them.

The Saudi banking sector currently has branches of 10 local banks and 15 foreign banks.