Two Major Banks Talk About Merger To Reorganize Saudi Bank

By Elisha Reynolds | BANKING

Jul 31

NCB proceeded with merger negotiations with a national bank in 2019, however, the conversation broke down.

If And foreign companies have left Saudi Arabia due to the killing of a well-known reporter who criticized the government.

The crown prince’s reforms aimed at a market that does not rely on petroleum are becoming stagnant.

Abu Dhabi and Qatar Expect to enhance profitability by blending NCB, which specializes in retail, and SAMBA, which are powerful from the market and corporate sectors.

It seems that Prince Mohammed’s intention is in the process of reorganizing banks.

The general public investment fund (PIF), a sovereign wealth fund, holds a 44% stake in NCB and a 23% stake in SAMBA.

The aim is to support the reforms carried out by a powerful Saudi who is facing the dual difficulties of the oil price and the new corona crisis, by Prince Saudi Muhammad.

Support is essential to diversify the business and to cultivate the non-oil industry like the tourism and entertainment businesses in Saudi Arabia.

About the Author

Elisha is working as the Researcher for Sky Weyr. She tries to find the latest Economical news in our world and share it before anywhere else.

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