Saudi National Bank (SNB) has announced the completion of the merger between NCB and Samba Financial Group, making it the largest and fastest merger in the history of the region.
In a bourse statement on the Saudi Exchange, SNB said the bank has successfully completed all of the merger roadmap phases, thus establishing the largest banking entity in Saudi Arabia with assets exceeding SAR 900bn ($239.77bn).
SNB completed the last phase of the merger within nine months since the process started with the legal launch of the new entity on April 1, 2021.
The merger included five key areas consisting of migrating personal and corporate customer accounts, migrating treasury, NCB Capital and Samba Capital customers, in addition to migrating other administrative sectors and the merger of both banks’ branches.
The bank opened more than 1.4m new personal accounts, which constitute 100% of personal banking customers. On the corporate side, it opened accounts for more than 11,000 customers, making up 100% of its small and mid-sized corporate customers. The bank also completed opening and activating 100% of its large corporate customer accounts.
On the other hand, SNB completed 100% of the procedures for migrating the treasury sector, NCB Capital, Samba Capital, and other administrative sectors and branches.