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Saudi Arabia gets a new bank – and Saudi National Bank is already market leader

NCB and Samba initially entered into a Framework Agreement to conduct due diligence and negotiate definitive and binding terms of a potential merger on June, 25, 2020.

Following the completion of the due diligence phase, NCB and Samba signed a binding agreement to merge on October 11, 2020, subject to shareholder and regulatory approvals.

During two extraordinary general assembly (EGA) meetings on March 1, 2021, NCB and Samba shareholders respectively voted overwhelmingly in favor of the merger.

NCB changed its name to Saudi National Bank and, accordingly, Samba merged into Saudi National Bank on 1st April 2021.

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