Samba Financial Group merges into Saudi National Bank

MG News | April 01, 2021 at 03:59 PM GMT+05:00

0:00

April 1, 2021 (MLN): Samba Bank Limited has received intimation that the merger between its majority shareholder company Samba Financial Group ("SFG") (of the Kingdom of Saudi Arabia) and The National Commercial Bank ("NCB") (of the Kingdom of Saudi Arabia), has now been renamed as The Saudi National Bank ("SNB")

According to the bank’s notice to PSX, this has become effective as of April 1, 2021, and SFG has merged with and into SNB, as a result of which SFG has ceased to exist.

Consequently, all the assets and liabilities of SFG (including its shareholding in the Bank) stand vested in SNB by operation of law.

It is emphasized that while the said merger has become effective under the laws of the Kingdom of Saudi Arabia, and the State Bank of Pakistan has provided its in-principle approval for The National Commercial Bank (which has been renamed as The Saudi National Bank) as the sponsor of the Bank, the requisite approvals / no-objections are being sought from the State Bank of Pakistan for the transfer of the subject shares in the name of SNB.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,904.05 10.35M	0.27% 456.75
ALLSHR	103,213.95 28.07M	0.22% 231.07
KSE30	51,995.52 8.12M	0.32% 163.88
KMI30	244,618.59 1.26M	0.21% 504.99
KMIALLSHR	67,300.65 7.07M	0.18% 124.03
BKTi	46,295.30 6.96M	0.47% 218.56
OGTi	33,991.82 0.13M	0.09% 29.46

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,535.00	88,110.00 87,300.00	-260.00 -0.30%
BRENT CRUDE	59.63	59.70 59.25	0.71 1.21%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	2.15 2.42%
ROTTERDAM COAL MONTHLY	95.75	0.00 0.00	-0.15 -0.16%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	55.83	56.00 55.08	-0.99 -1.74%
SUGAR #11 WORLD	14.85	15.07 14.78	-0.10 -0.67%