New merged entity with NCB to focus on local market, expansions: Samba chairman

The new entity resulting from the merger of National Commercial Bank (NCB) and Samba Financial Group will focus on developing the local market and fulfilling its requirements, Samba CEO Ammar Alkhudairy told Al Arabiya TV.

He added that the bank will have strong presence in several countries, currently under study, noting that the countries that have major trade ties with the Kingdom will be at the top of the bank’s priorities.

"The bank will open a branch in London soon," Alkhudairy said.

He pointed out that the re-map of the branches of both the banks is still under study, indicating that the study does not mean closure of any branches, but rather a plan to increase the number.

The bank also plans to cover some areas that are not sufficiently served and may re-deploy some branches of the two banks.

Alkhudairy confirmed that Samba and NCB employees will not be ousted as a result of the merger.

According to data compiled by Argaam, an extraordinary general assembly meeting will be held on March 1, to discuss the planned merger between NCB and Samba, that is expected to take place in the first half of 2021.

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