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NCB + Samba = Saudi Arabia banking powerhouseMENA

NCB + Samba = Saudi Arabia banking powerhouse

National Commercial Bank (NCB) and Samba Financial Group are joining forces to create a Tom Brady and Rob Gronkowski-style powerhouse team that is set to become Saudi Arabia’s largest bank entity. The new super-lender will be named Saudi National Bank and have its headquarters in the capital Riyadh.

The NCB and Samba merger will count with a total of $239b in assets and a combined net profit of $4.2b. It’s safe to say these two are ballin’!

Samba’s shares will be delisted from the Tadawul on the effective date of the acquisition. PS — operations are set to begin on April 1.

why it matters
Saudi National Bank will have nearly 30% market share of the country’s banking sector (not to mention a strong financial sheet), which will likely drive further competition in the industry.