SNB Announces Completion of Merger Between NCB, Samba Financial Group

Saudi National Bank announced the completion of the merger between NCB and Samba Financial Group, on Thursday, 6th of January, 2022, making it the largest and fastest merger in the history of the region.

This establishes a financial powerhouse with local and regional competitive capabilities and strengthens the Saudi banking sector’s position at the regional and global level.

The Bank has successfully completed all of the merger roadmap phases, thus establishing the largest banking entity in Saudi Arabia with assets exceeding 900 billion riyals and a capital of 44,780,000,000 Saudi riyals.

SNB successfully completed the last phase of the merger within 9 months since the process started with the legal launch of the new entity on April 1, 2021.

The merger included five key areas consisting of migrating personal and corporate customer accounts, migrating treasury, NCB Capital, and Samba Capital customers, in addition to migrating other administrative sectors and the merger of branches of both banks. The Bank opened more than 1.4 million new personal accounts, which constitute 100% of personal banking customers.

As for corporate customers, the bank opened accounts for more than 11,000 customers, making up 100% of small and midsized corporate customers. The Bank also completed opening and activating 100% of the large corporate customer accounts. On the other hand, SNB completed 100% of the procedures for migrating the treasury sector, NCB Capital, Samba Capital, and other administrative sectors and branches.

The Chairman of SNB, Mr. Ammar bin Abdul Wahed AlKhudairy, congratulated the shareholders and the executive management of the bank, led by the Managing Director and Group CEO, Mr. Saeed bin Mohammed AlGhamdi, his cadres, and his customers on the success of the merger and the completion of its phases in such a distinguished manner and in record time, which contributed to presenting a historic banking experience worthy of being documented as a role model of achievement and competent performance.

From his part, Mr. Saeed bin Mohammed AlGhamdi, Managing Director and Group CEO of SNB, expressed his pride in this historic moment, which marks a turning point in the entire Saudi banking sector, saying: The merger – with its many phases, milestones, and complex requirements – wouldn’t have taken place with such excellence, accuracy, speed, and flexibility had it not been for the unique cooperation of all parties, including shareholders, executive, administrative, technical and logistical teams, as well as the positive engagement of the Bank’s customers and their responsiveness to the Bank’s directives and instructions.