National Commercial Bank (NCB), Saudi Arabia's biggest lender by assets, plans to change its name to Saudi National Bank, once it completes its merger with rival Samba Financial Group.
The deal will create the Arab world’s third-biggest banking entity with assets worth $223 billion.
"The committee responsible for preparing the integration plan resolved that the proposed name [Saudi National Bank] shall be the new name of the merged bank" once the merger is approved, NCB said in a statement to Saudi Stock Exchange, where its shares trade.
The transaction, which is subject to approval by the banking regulator and shareholders of both NCB and Samba, is expected to be completed in the first half of this year, the two lenders said in separate statements to the bourse on Monday.
NCB and Samba in October agreed to merge to create the biggest banking entity in Saudi Arabia, the Arab world's largest economy.
Under the binding agreement, Samba shareholders will receive 0.739 newly issued NCB shares in exchange for each Samba share they hold. All Samba assets and liabilities will be transferred to NCB and once the transaction is complete, Samba “will cease to exist”, the lenders said at the time.
Both NCB and Samba have government entities as significant shareholders and once the deal is completed, NCB’s existing shareholders will own 67.4 per cent of the combined entity and Samba’s shareholders will own 32.6 per cent.
The biggest shareholders in the new lender will be the kingdom’s sovereign wealth fund, the Public Investment Fund, with a 37.2 per cent stake. The Public Pension Agency will control 7.4 per cent and the General Organisation for Social Insurance will own 5.8 per cent of the merged entity.
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
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Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
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1 L Westwood (Eng), J Spieth (US)
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4 D Johnson (US)
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Range: Up to 610km
Power: 905hp
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
