Samba chairman says merged bank planning 9 new branches in 2021

Ammar Alkhudairy, Chairman of Samba Financial Group

Samba Financial Group’s (Samba) board chairman Ammar Alkhudairy said that the new entity formed after merger with National Commercial Bank (NCB) is targeting nine new branches this year.

Neither Samba nor NCB plan to close any branch, however, 21 branches will be relocated, Alkhudairy said during a webinar held by the Communication and Financial Knowledge Center (CFKC).

Speaking about Islamic banking, Alkhudairy said the retail services of the merged entity will be Shariah-compliant. The corporate Islamic banking services, which account for over 70% of banking products, are on the rise. However, the treasury segment is still facing some challenges.

There are ambitions for the development of other Islamic banking programs and products, as part of the Kingdom’s plan to strengthen its lead in the Islamic banking industry, he added.

The new entity is expected to enhance its presence outside the Kingdom, given its major clients – such as Saudi Aramco, Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Airlines (Saudia) – are managing business outside the country and need such banking services. Moreover, the local joint stock companies that plan to expand overseas and foreign firms, which aim to enter the Saudi market, are also in need of these services, Alkhudairy concluded.

The shareholders of NCB and Samba approved on March 1, 2021, the merger of both banks, Argaam reported.

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