Riyadh – Mubasher: The extraordinary general meeting (EGM) of the National Commercial Bank (NCB) has approved the proposed merger of the bank and Samba Financial Group through the issuance of 0.739 new NCB shares for every share in Samba.
It further approved the terms and conditions of the merger agreement signed by NCB and Samba on 11 October 2020 and the increase of NCB’s share capital by 49.3% from SAR 30 billion to SAR 44.780 billion, according to a stock exchange statement.
“The merger will become effective after satisfying all of the merger conditions, including the condition related to the creditor objection period,” the statement read.
In separate filings, Samba said its shareholders accepted the offer of NCB to merge Samba into NCB, adding that the creditor objection period in relation to the said merger started and that it will end on 31 March 2021.
In October 2020, NCB entered into a legally binding merger agreement with Samba to take the necessary steps to implement a merger between the two banks.
The merger will create a regional powerhouse with SAR 837 billion ($223 billion) in assets, uniquely positioned to accelerate the transformation of Saudi Arabia’s banking landscape and deliver progress towards Vision 2030.
