Logo of Saudi National Bank

The Securities Depository Center Co. (Edaa) implemented the securities quantity increase for Saudi National Bank, resulting from merger with Samba Financial Group.

 

The quantity increase was deposited through securities exchange on the center’s accounts of eligible shareholders registered in Samba as of today, April 5, 2021.

 

In a separate statement, Saudi National Bank announced the listing completion of consideration shares issued to Samba’s eligible shareholders in respect of the merger. 

 

Therefore, the merger has been completed as set out in the shareholder circular, the bank noted.

 

Last week, Samba and National Commercial Bank (NCB) announced the completion of the merger, with the new entity starting operations under Saudi National Bank name.

 

Details of NCB’s Capital Increase

Current capital

SAR 30 bln

No. of shares

3 bln shares

Post-increase capital

SAR 44.78 bln

No. of shares post-increase

4.48 bln shares

Increase

49.3%

Purpose of increase

Merge Samba Financial Group into NCB through transferring the former's assets and liabilities to the latter under share swap.

Increase method

The issuance of 1.478 billion ordinary shares for the planned merger, and transfer of Samba's assets and liabilities to NCB through the swap agreement.

Swap co-efficient

Samba shareholders will receive 0.739 share in NCB for each owned share in Samba.

Eligibility

For shareholders registered with Samba on April 4, 2021

 

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