With assets exceeding 900 billion riyals and 31% of the market share
The National Bank of Saudi Arabia, the largest financial institution in the Kingdom of Saudi Arabia, announced the completion of the merger procedures between the National Commercial Bank and Samba Financial Group, which is the largest and fastest merger process in the history of the region, which will establish a financial strength with local and regional competitive capabilities, and consolidate the position of the banking sector. Saudi Arabia at the global level.
The bank revealed that it had successfully completed all stages of the roadmap for the merger process, which led to the establishment of the largest banking entity in the Kingdom, with assets exceeding 900 billion riyals, and a capital base of 44 billion Saudi riyals.
Over a period of 15 months, the bank, with its strategic, financial and legal team, in addition to the technical support agencies and various business sectors of the bank, was able to complete all the legal, statutory and procedural entitlements related to the merger process.
After signing the binding framework agreement in October 2020, the two banks obtained the necessary approvals, in light of which the identity of the new entity was announced and the National Bank of Saudi Arabia’s march was launched. In preparation for the start of the integration journey and the transfer of the accounts of Samba Financial Group clients.
The National Bank of Saudi Arabia successfully completed the last stage of the merger process, within 9 months, since the start of the process, which was launched after the legal launch of the new entity on April 1, 2021.
The merger process included five main axes, which included transferring the accounts of individual clients and corporate clients, in addition to transferring clients of the treasury sector and clients of NCB Capital and Samba Capital, in addition to transferring other administrative sectors, and merging branches from both banks; Where the bank opened accounts for more than 1.4 million new accounts for individual customers, which constitute 100% of the total number of individual customers.
For corporate clients, the bank has opened accounts for more than 11,000 clients, who make up 100% of SME clients; While the bank completed opening and activating 100% accounts of the major companies category.
On the other hand, Al-Ahly completed all the procedures for transferring the treasury sector, Al-Ahly Financial, Samba Capital and other administrative sectors and branches by 100%.
The Chairman of the Board of Directors of the National Bank of Saudi Arabia, Ammar bin Abdul Wahed Al-Khudairi, congratulated the bank’s shareholders and its executive management, led by the managing director and CEO of the group, Saeed bin Muhammad Al-Ghamdi, and its working cadres, and its clients, on the success of the merger process and the completion of its stages in such a distinguished manner and in record time; Which contributed to providing a historical banking experience that deserves to be documented as a role model in achievement and capable performance.
Al-Khudairi said: “Reaching to the finish line of the merger agenda paves the way for a new stage of work and a promising future for the Saudi banking industry. The subsidiary will support social prosperity and economic transformation in the Kingdom, contribute to empowering citizens and national companies and enhance their opportunities for growth, in parallel with the objectives of the Kingdom’s Vision 2030.
On his part, Saeed bin Muhammad Al-Ghamdi, Managing Director and Group CEO of Al-Ahly Bank of Saudi Arabia, expressed his pride in this historic moment, which marks a turning point in the entire Saudi banking sector.
Al-Ghamdi said: “The merger process, with its multiple stages, stations and complex requirements, would not have taken place with this level of excellence, accuracy, speed and flexibility, had it not been for the unique participatory situation that brought together all parties, including shareholders, executive, administrative, technical and logistical teams, as well as the positive interaction and response of the bank’s customers. with the Bank’s directives and guidelines.
He added: “Through a rising regional banking power, and by enriching the customer experience with more innovative solutions and products, our strategy is based on investing in digital technology, raising awareness of financial culture, enhancing the savings policy, providing financing solutions that meet the needs of small and medium enterprises, and improving the quality of life from Through financing initiatives that satisfy the aspirations of customers and contribute to improving the quality of life in the Kingdom in accordance with the Financial Sector Development Program.”
About the National Bank of Saudi Arabia
The Saudi National Bank is the largest financial institution in the Kingdom of Saudi Arabia, and one of the most prominent regional financial powers, and it contributes mainly to the economic transformation of the Kingdom; With the aim of making a quantum leap in the Saudi banking sector, and supporting the realization of the Kingdom’s Vision 2030; Its strategy is in line with the vision and its programs.
Thanks to its huge financing capabilities as the largest institutional financier, the Saudi National Bank contributes to meeting the aspirations and ambitions of future projects in support of the Kingdom’s Vision 2030.
Sabq electronic newspaper
already
2022-01-09
The National Bank of Saudi Arabia, the largest financial institution in the Kingdom of Saudi Arabia, announced the completion of the merger procedures between the National Commercial Bank and Samba Financial Group, which is the largest and fastest merger process in the history of the region, which will establish a financial strength with local and regional competitive capabilities, and consolidate the position of the banking sector. Saudi Arabia at the global level.
The bank revealed that it had successfully completed all stages of the roadmap for the merger process, which led to the establishment of the largest banking entity in the Kingdom, with assets exceeding 900 billion riyals, and a capital base of 44 billion Saudi riyals.
Over a period of 15 months, the bank, with its strategic, financial and legal team, in addition to the technical support agencies and various business sectors of the bank, was able to complete all the legal, statutory and procedural entitlements related to the merger process.
After signing the binding framework agreement in October 2020, the two banks obtained the necessary approvals, in light of which the identity of the new entity was announced and the National Bank of Saudi Arabia’s march was launched. In preparation for the start of the integration journey and the transfer of the accounts of Samba Financial Group clients.
The National Bank of Saudi Arabia successfully completed the last stage of the merger process, within 9 months, since the start of the process, which was launched after the legal launch of the new entity on April 1, 2021.
The merger process included five main axes, which included transferring the accounts of individual clients and corporate clients, in addition to transferring clients of the treasury sector and clients of NCB Capital and Samba Capital, in addition to transferring other administrative sectors, and merging branches from both banks; Where the bank opened accounts for more than 1.4 million new accounts for individual customers, which constitute 100% of the total number of individual customers.
For corporate clients, the bank has opened accounts for more than 11,000 clients, who make up 100% of SME clients; While the bank completed opening and activating 100% accounts of the major companies category.
On the other hand, Al-Ahly completed all the procedures for transferring the treasury sector, Al-Ahly Financial, Samba Capital and other administrative sectors and branches by 100%.
The Chairman of the Board of Directors of the National Bank of Saudi Arabia, Ammar bin Abdul Wahed Al-Khudairi, congratulated the bank’s shareholders and its executive management, led by the managing director and CEO of the group, Saeed bin Muhammad Al-Ghamdi, and its working cadres, and its clients, on the success of the merger process and the completion of its stages in such a distinguished manner and in record time; Which contributed to providing a historical banking experience that deserves to be documented as a role model in achievement and capable performance.
Al-Khudairi said: “Reaching to the finish line of the merger agenda paves the way for a new stage of work and a promising future for the Saudi banking industry. The subsidiary will support social prosperity and economic transformation in the Kingdom, contribute to empowering citizens and national companies and enhance their opportunities for growth, in parallel with the objectives of the Kingdom’s Vision 2030.
On his part, Saeed bin Muhammad Al-Ghamdi, Managing Director and Group CEO of Al-Ahly Bank of Saudi Arabia, expressed his pride in this historic moment, which marks a turning point in the entire Saudi banking sector.
Al-Ghamdi said: “The merger process, with its multiple stages, stations and complex requirements, would not have taken place with this level of excellence, accuracy, speed and flexibility, had it not been for the unique participatory situation that brought together all parties, including shareholders, executive, administrative, technical and logistical teams, as well as the positive interaction and response of the bank’s customers. with the Bank’s directives and guidelines.
He added: “Through a rising regional banking power, and by enriching the customer experience with more innovative solutions and products, our strategy is based on investing in digital technology, raising awareness of financial culture, enhancing the savings policy, providing financing solutions that meet the needs of small and medium enterprises, and improving the quality of life from Through financing initiatives that satisfy the aspirations of customers and contribute to improving the quality of life in the Kingdom in accordance with the Financial Sector Development Program.”
About the National Bank of Saudi Arabia
The Saudi National Bank is the largest financial institution in the Kingdom of Saudi Arabia, and one of the most prominent regional financial powers, and it contributes mainly to the economic transformation of the Kingdom; With the aim of making a quantum leap in the Saudi banking sector, and supporting the realization of the Kingdom’s Vision 2030; Its strategy is in line with the vision and its programs.
Thanks to its huge financing capabilities as the largest institutional financier, the Saudi National Bank contributes to meeting the aspirations and ambitions of future projects in support of the Kingdom’s Vision 2030.
10:47 AM
With assets exceeding 900 billion riyals and 31% of the market share
The National Bank of Saudi Arabia, the largest financial institution in the Kingdom of Saudi Arabia, announced the completion of the merger procedures between the National Commercial Bank and Samba Financial Group, which is the largest and fastest merger process in the history of the region, which will establish a financial strength with local and regional competitive capabilities, and consolidate the position of the banking sector. Saudi Arabia at the global level.
The bank revealed that it had successfully completed all stages of the roadmap for the merger process, which led to the establishment of the largest banking entity in the Kingdom, with assets exceeding 900 billion riyals, and a capital base of 44 billion Saudi riyals.
Over a period of 15 months, the bank, with its strategic, financial and legal team, in addition to the technical support agencies and various business sectors of the bank, was able to complete all the legal, statutory and procedural entitlements related to the merger process.
After signing the binding framework agreement in October 2020, the two banks obtained the necessary approvals, in light of which the identity of the new entity was announced and the National Bank of Saudi Arabia’s march was launched. In preparation for the start of the integration journey and the transfer of the accounts of Samba Financial Group clients.
The National Bank of Saudi Arabia successfully completed the last stage of the merger process, within 9 months, since the start of the process, which was launched after the legal launch of the new entity on April 1, 2021.
The merger process included five main axes, which included transferring the accounts of individual clients and corporate clients, in addition to transferring clients of the treasury sector and clients of NCB Capital and Samba Capital, in addition to transferring other administrative sectors, and merging branches from both banks; Where the bank opened accounts for more than 1.4 million new accounts for individual customers, which constitute 100% of the total number of individual customers.
For corporate clients, the bank has opened accounts for more than 11,000 clients, who make up 100% of SME clients; While the bank completed opening and activating 100% accounts of the major companies category.
On the other hand, Al-Ahly completed all the procedures for transferring the treasury sector, Al-Ahly Financial, Samba Capital and other administrative sectors and branches by 100%.
The Chairman of the Board of Directors of the National Bank of Saudi Arabia, Ammar bin Abdul Wahed Al-Khudairi, congratulated the bank’s shareholders and its executive management, led by the managing director and CEO of the group, Saeed bin Muhammad Al-Ghamdi, and its working cadres, and its clients, on the success of the merger process and the completion of its stages in such a distinguished manner and in record time; Which contributed to providing a historical banking experience that deserves to be documented as a role model in achievement and capable performance.
Al-Khudairi said: “Reaching to the finish line of the merger agenda paves the way for a new stage of work and a promising future for the Saudi banking industry. The subsidiary will support social prosperity and economic transformation in the Kingdom, contribute to empowering citizens and national companies and enhance their opportunities for growth, in parallel with the objectives of the Kingdom’s Vision 2030.
On his part, Saeed bin Muhammad Al-Ghamdi, Managing Director and Group CEO of Al-Ahly Bank of Saudi Arabia, expressed his pride in this historic moment, which marks a turning point in the entire Saudi banking sector.
Al-Ghamdi said: “The merger process, with its multiple stages, stations and complex requirements, would not have taken place with this level of excellence, accuracy, speed and flexibility, had it not been for the unique participatory situation that brought together all parties, including shareholders, executive, administrative, technical and logistical teams, as well as the positive interaction and response of the bank’s customers. with the Bank’s directives and guidelines.
He added: “Through a rising regional banking power, and by enriching the customer experience with more innovative solutions and products, our strategy is based on investing in digital technology, raising awareness of financial culture, enhancing the savings policy, providing financing solutions that meet the needs of small and medium enterprises, and improving the quality of life from Through financing initiatives that satisfy the aspirations of customers and contribute to improving the quality of life in the Kingdom in accordance with the Financial Sector Development Program.”
About the National Bank of Saudi Arabia
The Saudi National Bank is the largest financial institution in the Kingdom of Saudi Arabia, and one of the most prominent regional financial powers, and it contributes mainly to the economic transformation of the Kingdom; With the aim of making a quantum leap in the Saudi banking sector, and supporting the realization of the Kingdom’s Vision 2030; Its strategy is in line with the vision and its programs.
Thanks to its huge financing capabilities as the largest institutional financier, the Saudi National Bank contributes to meeting the aspirations and ambitions of future projects in support of the Kingdom’s Vision 2030.
window.fbAsyncInit = function() { FB.init({ appId : 636292179804270, autoLogAppEvents : true, xfbml : true, version : 'v2.10' }); FB.AppEvents.logPageView(); };
(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));
These were the details of the news The National Bank of Saudi Arabia celebrates the achievement of the... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
