The Board of Directors of Samba Financial Group approved the resignation of Rania Nashar from the position of CEO of the group, effective January 31st.
According to Arabiya Net, Samba clarified that the reason for resignation was that Nashar accepted another job offer as an advisor to the Governor of the Public Investment Fund.
Mohammed Al Sheikh has been assigned the duties of the Group CEO until the end of the merger with National Commercial Bank.
The merger of National Commercial Bank and Samba Financial Group is expected to lead to the formation of the third largest bank in the Gulf, and the largest in Saudi Arabia.
The merger will lead to the formation of a financial institution with assets of 837 billion riyals equivalent to 223 billion US dollars, which will place the merging bank in a distinguished position capable of enhancing its contribution to the transformation Positive banking sector in the Kingdom and contribute to achieving the Kingdom's vision 2030.
It is expected that the merger will lead to annual cost savings for the merging bank, amounting to approximately 800 million riyals, equivalent to $ 213 million.
These savings will be achieved in stages and after the completion of the merger of the two banks. These savings also represent 9% of the combined cost base of the two banks and the possibility of achieving high value through the increased volume. Share best practices and annual efficiency gains.
It is expected that there will be potential mutual benefits in revenue between the two banks, and that the non-recurring cash costs of merging the two banks' businesses will reach about 1.1 billion riyals, equivalent to 293 million dollars.
As a result of these co-benefits, the merger is expected to achieve growth in earnings per share for both the shareholders of Ahli Bank and Samba Group, based on the financial results For both the National Bank and the Samba Group for the first half of the fiscal year 2020 AD on an annual basis, after the completion of the aforementioned benefits and deduction of the non-recurring cash costs of the actual merger.
and the merging bank will become the largest bank in the Kingdom with a market value of 171 billion Saudi riyals, equivalent to 46 billion dollars. At the local level, the merging bank will become the largest bank in the Kingdom from By servicing about 25% of the retail and commercial banking sectors.
The merging bank will also have assets amounting to 837 billion riyals, which represents 32% of the market share, and working loans that amount to ...
