The merger of Saudi Arabia’s biggest retail lender National Commercial Bank and smaller rival Samba Financial Group is now complete.
Samba shareholders have received shares in the merged entity, Saudi National Bank, which formally began operations last Thursday.
The new lender said in a regulatory filing that shares issued to former Samba shareholders were now listed on the Saudi stock exchange.
NCB and Samba shareholders backed the merger last month after the Saudi Central Bank, the General Authority for Competition, the Capital Markets Authority and the stock exchange approved the deal.
The two lenders agreed in October to combine their balance sheets to create the kingdom's biggest bank with an asset base of 896 billion riyals ($239bn).
NCB received approval from the CMA to raise its capital from 30bn riyals to 44.78bn riyals, allowing it to issue new shares to Samba shareholders.
The share swap ratio was set at 0.739 NCB ordinary shares for each Samba ordinary share.
Saudi National Bank, which will have its head office in Saudi capital Riyadh, will have a market share of 30 per cent.
It said in March that it would benefit from increased scale, “the sharing of best practice and an unprecedented depth of employee talent”.
On Sunday, SNB announced the appointment of Ammar Al Khudairy as board chairman, replacing Saeed Alghamdi, who oversaw the merger.
It also appointed Yazeed Al Humied as vice chairman in place of Rashid Sharif.
With the finalisation of the merger, the Public Investment Fund, the kingdom's sovereign investment arm, has become the biggest shareholder in the new lender with a 37.2 per cent stake.
The Public Pension Agency controls 7.4 per cent and the General Organisation for Social Insurance owns 5.8 per cent.
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Killing of Qassem Suleimani
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
COMPANY%20PROFILE
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
