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.