Saudi National Bank expects NCB Capital-Samba Capital merger to take effect in Q3 2021

Logo of NCB Capital

Saudi National Bank expects the merger of NCB Capital Co. and Samba Capital and Investment Management Company (Samba Capital) to come into effect in the third quarter of 2021.

The bank said in a bourse statement that both NCB Capital and Samba Capital are currently working on completing all relevant procedures.

According to data compiled by Argaam, the board of the Capital Market Authority (CMA) issued its resolution on May 31, 2021, to approve the merger of Samba Capital as the merged company into NCB Capital as the merging company, and the cancellation of the license granted to Samba Capital.

National Commercial Bank (NCB) and Samba Financial Group announced, on April 1, the completion of their formal merger. The new bank started its operations under the name Saudi National Bank.