Banks

The National Commercial Bank of Saudi Arabia buys Samba

In a stunning $ 14.8 billion deal, the National Commercial Bank of Saudi Arabia buys Samba, creating what would become the largest bank in the kingdom as it also controlled nearly $ 223 billion in assets and a market capitalization of $ 46 billion, with this the bank will control a quarter of all banking in the country.

The bank’s largest shareholders will be the Saudi Arabia Private Investment Fund, the Public Pension Agency and the General Organization for Social Security, all government entities.

The two banks described the merger as fitting into the kingdom’s Vision 2030 plan, the brainchild of Saudi Arabia’s energetic Crown Prince Mohammed bin Salman. That plan calls for Saudi Arabia to refrain from relying on oil exports while creating new jobs for its millions of young people.

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Source: https://www.egyptindependent.com/

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