Samba Financial Group (Samba) is eyeing investment opportunities from potential mergers between the Saudi banks, chief executive officer Rania Nashar told Argaam in an exclusive interview on Wednesday.
“The mergers will help local banks boost their operations and profitability, backed by the strong resilience, shown by the banking sector during the latest economic slowdown,” Nashar said.
She noted that Samba will continue to discuss proposals for enhancing its operations locally or overseas, but will embark on a potential merger ‘only in shareholders' best interest.’
Meanwhile, Nashar shrugged off a material impact from the settlement reached with the General Authority for Zakat and Tax (GAZT).
“This impact just stands at 1 percent of the bank’s capital adequacy ratio, which is still strong, taking into account the full impact of this amendment in only one year,” she said.
Samba expected a decline of SAR 1.8 billion in shareholders’ equity from the zakat settlement agreement concluded with GAZT, Argaam earlier reported.
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