Here’s a look at new banking giant expected from NCB-Samba merger
18/02/2021 Argaam Special Share Copy to clipboard
The Saudi Central Bank (SAMA) and the General Authority for Competition (GAC) recently approved the merger of the National Commercial Bank (NCB) and Samba Financial Group (Samba), whereby the latter will merge with the former, transferring all its assets and liabilities to NCB.
The merger is expected to be completed in H1 2021 under the proposed name - Saudi National Bank.
In October 2020, NCB entered into a legally binding merger agreement with Samba, under which both banks agreed to take the necessary measures to implement a merger pursuant to the Companies Law, as well as the merger and acquisition regulations issued by the capital market authority, Argaam reported.
Tuesday, 2 February, 2021 - 10:15
Pandemic health measures are implemented at a restaurant in Tabuk, Saudi Arabia. (SPA) Riyadh - Asharq Al-Awsat
The percentage of Saudi employees among the total workforce in the private sector rose to 21.8 percent during the fourth quarter of 2020, announced the National Labor Observatory (NLO) of the Human Resources Development Fund (HADAF).
Saudis made up 19.81 percent of the total workforce during 2018, a jump from 18.3 percent in 2017 and 16.4 percent in 2016.
According to the observatory, Saudi subscribers from the private sector in the General Organization for Social Insurance (GOSI) during Q4 were 1,749,571, with 65.6 percent males and 34.4 percent females.
The Eastern Province topped in the Saudization rate with 25.3 percent, followed by Riyadh with 22.5 percent, Makkah 21.4 with percent, Madinah 19.2 with percent and Asir 17.6 with percent.
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