The National Commercial Bank, the largest Saudi bank, said today, Sunday, that it has entered into a binding merger agreement with Samba Financial Group to establish a unified entity with assets amounting to 837 billion riyals (223 billion dollars).
Samba shareholders will receive 0.739 new shares in Al-Ahly Commercial for every share they own in Samba, Al-Ahly Commercial said in a notification to the stock exchange.
And the Saudi sovereign wealth fund, the Public Investment Fund, is a major shareholder in the two banks, with a 44.29 percent stake in Al-Ahly Commercial and 22.91 percent in Samba.
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