Samba shareholders to discuss planned merger on March 1

Samba Financial Group said today an extraordinary general assembly meeting will be held on March 1, to discuss the planned merger with National Commercial Bank (NCB), according to a bourse statement.
 

Shareholders will vote on the merger with NCB, which will be effected through the issuance of 0.739 new share in NCB for each share in Samba. They will also endorse the merger agreement signed between the two sides on October 11, 2020.
 

NCB and Samba received on Feb. 1, 2021, the approval of the Saudi Central Bank (SAMA) for the merger and a number of relevant matters. The two banks also received, on Jan. 28, 2021, the approval of the General Authority for Competition (GAC) for the planned economic concentration.
 

In October 2020, NCB entered into a legally binding merger agreement with Samba, under which both banks agreed to take the necessary measures to implement a merger pursuant to the Companies Law, as well as the merger and acquisition regulations issued by the capital market authority, Argaam reported.