The Saudi General Authority for Competition (GAC) approved today, Jan. 27, the planned merger between National Commercial Bank (NCB) and Samba Financial Group, according to the authority’s statement.
On Oct. 11, 2020, NCB entered into a legally binding merger agreement with Samba, where both banks have now agreed to take the necessary steps to implement a merger in accordance with Articles 191-193 of the Companies Law and Article 49(a)(1) of the Merger and Acquisition Regulations issued by the Capital Market Authority, Argaam reported.
The merger was expected to be complete in Q2 2021.
