Clarifications came from “Al-Shathry”, expecting it to complete a giant banking entity
The Deputy Governor of the Saudi Arabian Monetary Agency for Supervision, Dr. Fahad Al-Shathry, confirmed that the institution blesses any mergers that create a strong financial entity that enhances the durability of the financial sector, better meets the financing needs, creates more opportunities for customers, raises the efficiency of operations and improves financial indicators.
Al-Shathry indicated that the potential merger between the National Commercial Bank and Samba Financial Group is primarily driven by the desire of the shareholders in the two banks, and will lead to creating homogeneity, and the institution will continue to follow the process. According to its supervisory and supervisory role assigned to it, and to ensure the integrity of any procedures related to all parties, whether they are customers, employees or shareholders; While any developments in this regard will be announced in due course.
Al-Shathry clarified, in statements to him carried today by Al-Eqtisadiah, that the merger, if completed, is expected to result in one of the giant banking entities, not only at the level of the Kingdom. But at the level of the Gulf and the Middle East, which would contribute to supporting the economy.
Regarding any other mergers currently, he stressed that there are no requests at the corporation except for what was recently issued regarding the signing of the binding agreement between the National Commercial Bank and the Samba Financial Group.
He indicated that the corporation continues and is open to receiving licensing requests to conduct banking business in the Kingdom, and to increase the number of banks and banks operating in it. In parallel with the growing size of the Saudi economy and in line with the Kingdom’s 2030 vision.
During the past two years, a number of branches of regional and foreign banks have been licensed to conduct banking business in the Kingdom, such as Credit Suisse, Standard Chartered Bank, Tokyo Mitsubishi Bank, First Abu Dhabi Bank, Iraqi Trade Bank, and Bank of China.
Sabaq electronic newspaper
Previously
2020-10-13
The Deputy Governor of the Saudi Arabian Monetary Agency for Supervision, Dr. Fahad Al-Shathry, confirmed that the institution blesses any mergers that create a strong financial entity that enhances the durability of the financial sector, better meets the financing needs, creates more opportunities for customers, raises the efficiency of operations and improves financial indicators.
Al-Shathry indicated that the potential merger between the National Commercial Bank and Samba Financial Group is primarily driven by the desire of the shareholders in the two banks, and will lead to creating homogeneity, and the institution will continue to follow the process. According to its supervisory and supervisory role assigned to it, and to ensure the integrity of any procedures related to all parties, whether they are customers, employees or shareholders; While any developments in this regard will be announced in due course.
Al-Shathry clarified, in statements to him carried today by Al-Eqtisadiah, that the merger, if completed, is expected to result in one of the giant banking entities, not only at the level of the Kingdom. But at the level of the Gulf and the Middle East, which would contribute to supporting the economy.
Regarding any other mergers currently, he stressed that there are no requests at the corporation except for what was recently issued regarding the signing of the binding agreement between the National Commercial Bank and the Samba Financial Group.
He indicated that the corporation continues and is open to receiving licensing requests to conduct banking business in the Kingdom, and to increase the number of banks and banks operating in it. In parallel with the growing size of the Saudi economy and in line with the Kingdom’s 2030 vision.
During the past two years, a number of branches of regional and foreign banks have been licensed to conduct banking business in the Kingdom, such as Credit Suisse, Standard Chartered Bank, Tokyo Mitsubishi Bank, First Abu Dhabi Bank, Iraqi Trade Bank, and Bank of China.
12:42 PM
Clarifications came from “Al-Shathry”, expecting it to complete a giant banking entity
The Deputy Governor of the Saudi Arabian Monetary Agency for Supervision, Dr. Fahad Al-Shathry, confirmed that the institution blesses any mergers that create a strong financial entity that enhances the durability of the financial sector, better meets the financing needs, creates more opportunities for customers, raises the efficiency of operations and improves financial indicators.
Al-Shathry indicated that the potential merger between the National Commercial Bank and Samba Financial Group is primarily driven by the desire of the shareholders in the two banks, and will lead to creating homogeneity, and the institution will continue to follow the process. According to its supervisory and supervisory role assigned to it, and to ensure the integrity of any procedures related to all parties, whether they are customers, employees or shareholders; While any developments in this regard will be announced in due course.
Al-Shathry clarified, in statements to him carried today by Al-Eqtisadiah, that the merger, if completed, is expected to result in one of the giant banking entities, not only at the level of the Kingdom. But at the level of the Gulf and the Middle East, which would contribute to supporting the economy.
Regarding any other mergers currently, he stressed that there are no requests at the corporation except for what was recently issued regarding the signing of the binding agreement between the National Commercial Bank and the Samba Financial Group.
He indicated that the corporation continues and is open to receiving licensing requests to conduct banking business in the Kingdom, and to increase the number of banks and banks operating in it. In parallel with the growing size of the Saudi economy and in line with the Kingdom’s 2030 vision.
During the past two years, a number of branches of regional and foreign banks have been licensed to conduct banking business in the Kingdom, such as Credit Suisse, Standard Chartered Bank, Tokyo Mitsubishi Bank, First Abu Dhabi Bank, Iraqi Trade Bank, and Bank of China.
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