National Commercial Bank (Saudi Arabia)

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Saudi National Bank
البنك الأهلي السعودي
TypePublic
Tadawul: 1180
ISINSA13L050IE10
IndustryFinance
Founded26 December 1953; 68 years ago (1953-12-26)
(as The National Commercial Bank)
1 April 2021; 11 months ago (2021-04-01)
(via the merger of National Commercial Bank & Samba bank)
HeadquartersRiyadh, Saudi Arabia
Number of locations
502 Branches (2021)
3,770 ATM's (2019)
Key people
Ammar Al Khudairy Chairman[1]
Saeed Mohammed Al-Ghamdi Managing Director & Group CEO[2]
ProductsFinancial services
Total assets$115.9 billion (2018) [3]
Number of employees
13,058 (2021)
Websitehttps://www.alahli.com/en-us/Pages/RB-NCB-Home-New.aspx

Saudi National Bank (SNB), also known as SNB AlAhli (Arabic: البنك الأهلي السعودي, formerly known as The National Commercial Bank (NCB), is a Saudi Arabian bank.[4][5]

In April 2021, Samba merged with NCB and NCB was renamed as Saudi National Bank on, 1 April 2021.[6][7]

SNB Group[]

The Saudi National Bank “SNB Group” “Arabic: البنك الأهلي السعودي” is a Saudi bank headquartered in Riyadh, the capital city of Saudi Arabia. The bank was founded in December 1953 under the name of the National Commercial Bank “NCB”. In 2021, SNB has emerged as a banking champion after completing one of the largest mergers in the region between the National Commercial Bank and Samba Financial Group. Currently, SNB has subsidiaries and affiliates operating in 8 countries around the world. The Saudi National Bank is overwhelmingly owned by the Saudi Government represented by the Public Investment Fund and the General Organization for Social Insurance. Being the largest financial group in Saudi Arabia and one of the largest powerhouses in region, SNB plays a vital role in supporting economic transformation in Saudi Arabia by transforming the local banking sector and catalyzing the delivery of Saudi Arabia’s Vision 2030. SNB strategy is closely aligned with the Saudi Vision programs, levering on its position as the largest institutional and specialized financier in the Kingdom to support the Kingdom’s landmark deals and mega projects. SNB robust balance sheet, resilient business model, and healthy liquidity position enhance the Bank’s local and regional capabilities, and to facilitate trade and capital flows between the Kingdom and regional and global markets.

Ownership and legal constitution[]

The bank was constituted as a general partnership from its founding in 1953 until 1 July 1997, when it was reconstituted as a joint stock company.

In 1999, the government of Saudi Arabia acquired a majority holding in the bank through the Ministry of Finance's Public Investment Fund (PIF).

In an extraordinary general assembly meeting held on 21 March 2014, the shareholders approved to offer 25% of the bank's share capital (after capital increase) to the general public under the initial public offering (IPO) and to a minority shareholder of the bank. The IPO was made for 15% of the bank's share capital and an additional 10% was allocated to the Public Pension Agency. The shares offered were part of the shareholding of a majority shareholder of the bank. The IPO was approved by the regulatory authorities and the subscription for the IPO took place between 19 October 2014 and 2 November 2014, and the Bank's shares have been trading on Saudi Stock Exchange (Tadawul) since 12 November 2014.

SNB Management[]

Chairman: Ammar Alkhudairy
Managing Director and Group CEO: Saeed Mohammed Al-Ghamdi
CEO, Wholesale Banking: Talal Ahmed Al Khereiji
CEO, Retail Banking: Majed Hamdan Al Ghamdi
CEO, SNB Capital: Rashed I. Sharif
Group CFO: Ahmad Ali AlDhabi

NCB Samba Deal[]

Samba and NCB planned a mega-merger worth 15.3 billion dollars. The merger would result in creation of Arabian Gulf's third largest bank after Qatar National Bank and First Abu Dhabi Bank.[8][9]

See also[]

References[]

  1. ^ "Investor Relations Board of Directors". www.alahli.com.
  2. ^ https://www.alahli.com/en-us/about-us/Pages/Management.aspx
  3. ^ "National Commercial Bank". Forbes.
  4. ^ Shankar, Sneha (20 October 2014). "Saudi Arabia's Largest Bank, National Commercial Bank, To Convert To Fully Islamic Bank". International Business Times. Retrieved 24 March 2018.
  5. ^ "List of Banks in Saudi Arabia 2019 - Overview of Top Banks". ADV Ratings. Retrieved 7 November 2019.{{cite web}}: CS1 maint: url-status (link)
  6. ^ "Saudi Arabia achieves new milestone in banking sector". Arab News. 1 April 2021. Retrieved 1 April 2021.
  7. ^ https://www.fitchratings.com/research/banks/fitch-affirms-saudi-national-bank-at-a-on-merger-completion-withdraws-samba-ratings-08-04-2021
  8. ^ Dudley, Dominic. "Saudi Banks NCB And Samba Plan Mega-Merger Worth $15 Billion". Forbes. Retrieved 4 July 2020.
  9. ^ "Merger | NCB Samba Deal". NCB Samba Merger KSA. Retrieved 2021-02-02.
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