January 20, 2021 RIYADH — In Q3, 2020, National Commercial Bank (NCB, A1 negative, baa1) and Samba Financial Group (A1 negative, a2) entered a binding merger agreement. Following the announcement of this merger agreement, the joint integration planning committee at the parent bank level approved the merger of the capitals between NCB Capital and Samba Capital & Investment Management Company (Samba Capital) once the banks merger has been completed and Moody’s affirmed the MQ1 investment manager quality assessment of NCB Capital. The merger — subject to obtention of regulatory approval — will lead to a consolidation of the groups' asset management subsidiaries, NCB Capital (MQ1) and Samba Capital. This will reinforce the position of the merged entity as Saudi Arabia's biggest asset manager, based on assets under management (AUM).