News 2021

February 2021

Samba Financial Group Announces Recent Developments Relating to the Contemplated Merger between Samba Financial Group and the National Commercial Bank

Further to the announcement made by Samba Financial Group (“Samba”) on 24/02/1442H (corresponding to October 11, 2020G) in respect of entering into a legally binding merger agreement with the National Commercial Bank (“NCB”) pursuant to which Samba and NCB have agreed to take the necessary steps to implement a merger between the two banks in accordance with the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger”), and whereby the announcement stipulated that the two banks agreed to work with a branding consultant to advise on the name, logo and branding of the Merged Bank, the committee responsible for preparing the integration plan resolved that the proposed name (Saudi National Bank) shall be the new name of the Merged Bank upon the Merger effective date, noting that the Merger remains subject to obtaining the required regulatory approvals and the approvals of the banks’ shareholders.