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Saudi National Bank (SNB) (formerly, National Commercial Bank) completed its merger with Samba Financial Group, on Jan. 6, with all merger roadmap phases, setting up the largest banking entity in Saudi Arabia.
SNB completed the last phase of its merger with Samba Financial Group in nine months since the process started with the legal launch of the new entity on April 1, 2021.
The merger covered the migration of personal and corporate customer accounts; treasury, NCB Capital and Samba Capital customers; other administrative sectors and the merger of branches of both banks.
The bank opened more than 1.4 million new personal accounts, which constitute 100% of personal banking customers. It also opened accounts for more than 11,000 corporate customers, making up 100% of small and medium-size corporate customers.
It also completed opening and activating 100% of the large corporate customer accounts.
On the other hand, SNB completed 100% of the procedures for migrating the treasury sector, NCB Capital and Samba Capital, and other administrative sectors and branches.
NCB announced in April that the merger with Samba Financial Group will take effect, pursuant to which Samba will cease to exist as a separate legal entity, Argaam reported. Moreover, all the assets and liabilities of Samba will be transferred to NCB, which continues to exist as a legal entity.
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