Saudi Arabia’s National Commercial Bank announced on Sunday, October 11, it will purchase rival lender Samba Financial Group in a deal valued at US$14.8 billion, creating what would become the kingdom’s largest bank, reported The Republic.
The bank will control some US$223 billion in assets and a market capitalization of US$46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank stated in a filing on Riyadh’s Tadawul stock market when announcing the deal.
NCB will pay Samba a premium of 3.5% on the closing price of its stock Thursday in the deal, which will see it dissolve into the NCB brand.
The bank’s largest shareholders will be Saudi Arabia’s Private Investment Fund, the Public Pension Agency, and the General Organization for Social Insurance, all government entities.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Conducts First-Ever Raids on a Company Under Foreign Subsidies Regulation
Apr 23, 2024 by
CPI
FTC Moves to Ban Non-Compete Agreements, Aiming to Boost Labor Mobility
Apr 23, 2024 by
CPI
Federal Judge Nods at $418M Deal in Real Estate Antitrust Suit
Apr 23, 2024 by
CPI
Mexican Watchdog Probes Amazon and Mercado Libre Over Loyalty Bundles
Apr 23, 2024 by
CPI
Competition Commission of India to Probe AI Landscape for Competition
Apr 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI