National Commercial Bank (Saudi Arabia)

Saudi National Bank (SNB), also known as SNB AlAhli ( ar, البنك الأهلي السعودي, formerly known as The National Commercial Bank (NCB), is the largest commercial bank in Saudi Arabia.

In April 2021, National Commercial Bank merged with Samba Financial Group under the name of Saudi National Bank.

SNB Group

The Saudi National Bank “SNB Group” “Arabic: البنك الأهلي السعودي” is a Saudi bank headquartered in Riyadh, the capital city of Saudi Arabia. The bank was founded in December 1953 under the name of the National Commercial Bank “NCB”. In 2021, SNB has emerged as a banking champion after completing one of the largest mergers in the region between the National Commercial Bank and Samba Financial Group. Currently, SNB has subsidiaries and affiliates operating in 8 countries around the world.

The Saudi National Bank is overwhelmingly owned by the Saudi Government represented by the Public Investment Fund and the General Organization for Social Insurance (GOSI).

Being the largest financial group in Saudi Arabia and one of the largest powerhouses in region, SNB plays a vital role in supporting economic transformation in Saudi Arabia by transforming the local banking sector and catalyzing the delivery of Saudi Arabia’s Vision 2030. SNB strategy is closely aligned with the Saudi Vision programs, levering on its position as the largest institutional and specialized financier in the Kingdom to support the Kingdom’s landmark deals and mega projects.

SNB robust balance sheet, resilient business model, and healthy liquidity position enhance the Bank’s local and regional capabilities, and to facilitate trade and capital flows between the Kingdom and regional and global markets.

Ownership and legal constitution

The bank was constituted as a general partnership from its founding in 1953 until 1 July 1997, when it was reconstituted as a joint stock company.

In 1999, the government of Saudi Arabia acquired a majority holding in the bank through the Ministry of Finance's Public Investment Fund (PIF).

In an extraordinary general assembly meeting held on 21 March 2014, the shareholders approved to offer 25% of the bank's share capital (after capital increase) to the general public under the initial public offering (IPO) and to a minority shareholder of the bank. The IPO was made for 15% of the bank's share capital and an additional 10% was allocated to the Public Pension Agency. The shares offered were part of the shareholding of a majority shareholder of the bank. The IPO was approved by the regulatory authorities and the subscription for the IPO took place between 19 October 2014 and 2 November 2014, and the Bank's shares have been trading on Saudi Stock Exchange (Tadawul) since 12 November 2014.

SNB Management

Chairman: Ammar Alkhudairy

Managing Director and Group CEO: Alik Bin Talal Salem

CEO, Wholesale Banking: Talal Ahmed Al Khereiji

CEO, Retail Banking: Majed Hamdan Al Ghamdi

CEO, SNB Capital: Rashed I. Sharif

Group CFO: Ahmad Ali AlDhabi

NCB Samba Deal

Samba and NCB planned a mega-merger worth 15.3 billion dollars. The merger would result in creation of Arabian Gulf's third largest bank after Qatar National Bank and First Abu Dhabi Bank.

See also

* List of banks in Saudi Arabia

References

{{DEFAULTSORT:Saudi National Bank
1953 establishments in Saudi Arabia
Companies of Saudi Arabia
Companies based in Jeddah
Saudi Arabian companies established in 1953
Banks established in 1953
Islamic banks of Saudi Arabia
2021 mergers and acquisitions