SNB, created through the merger of NCB and Samba Financial Group, on Monday reported a 20% rise in its first quarter net profit. Michael Bou-Nacklie / The National
SNB, created through the merger of NCB and Samba Financial Group, on Monday reported a 20% rise in its first quarter net profit. Michael Bou-Nacklie / The National
SNB, created through the merger of NCB and Samba Financial Group, on Monday reported a 20% rise in its first quarter net profit. Michael Bou-Nacklie / The National
SNB, created through the merger of NCB and Samba Financial Group, on Monday reported a 20% rise in its first quarter net profit. Michael Bou-Nacklie / The National

NCB and Samba complete merger deal to create Saudi Arabia's biggest lender


Sarmad Khan
  • English
  • Arabic

The merger of Saudi Arabia’s biggest retail lender National Commercial Bank and smaller rival Samba Financial Group is now complete.

Samba shareholders have received shares in the merged entity, Saudi National Bank, which formally began operations last Thursday.

The new lender said in a regulatory filing that shares issued to former Samba shareholders were now listed on the Saudi stock exchange.

NCB and Samba shareholders backed the merger last month after the Saudi Central Bank, the General Authority for Competition, the Capital Markets Authority and the stock exchange approved the deal.

The two lenders agreed in October to combine their balance sheets to create the kingdom's biggest bank with an asset base of 896 billion riyals ($239bn).

NCB received approval from the CMA to raise its capital from 30bn riyals to 44.78bn riyals, allowing it to issue new shares to Samba shareholders.

The share swap ratio was set at 0.739 NCB ordinary shares for each Samba ordinary share.

Saudi National Bank, which will have its head office in Saudi capital Riyadh, will have a market share of 30 per cent.

It said in March that it would benefit from increased scale, “the sharing of best practice and an unprecedented depth of employee talent”.

On Sunday, SNB announced the appointment of Ammar Al Khudairy as board chairman, replacing Saeed Alghamdi, who oversaw the merger.

It also appointed Yazeed Al Humied as vice chairman in place of Rashid Sharif.

With the finalisation of the merger, the Public Investment Fund, the kingdom's sovereign investment arm, has become the biggest shareholder in the new lender with a 37.2 per cent stake.

The Public Pension Agency controls 7.4 per cent and the General Organisation for Social Insurance owns 5.8 per cent.

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
PRO BASH

Thursday’s fixtures

6pm: Hyderabad Nawabs v Pakhtoon Warriors

10pm: Lahore Sikandars v Pakhtoon Blasters

Teams

Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.

Squad rules

All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.

Tournament rules

The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

Honeymoonish
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