NCB, Samba stocks rise at Monday’s opening after merger news

The stocks of the National Commercial Bank (NCB) and Samba Financial Group saw a positive performance at Monday’s opening after they signed on Sunday a legally binding agreement to implement a merger between the two banks.

By 10:45 a.m. KSA local time, NCB stock rose by 1.56% to reach SAR 39.10. About 2.6 million shares were traded at SAR 102.12 million.

Meanwhile, Samba’s stock grew by 2.18% to stand at SAR 28.10. A total of 1.5 million shares were exchanged at SAR 43 million.

Earlier, the Saudi Stock Exchange (Tadawul) resumed trading on the two stocks after they were suspended on Sunday for one session pending a material disclosure.

The NCB-Samba tie-up will create a regional powerhouse with SAR 837 billion ($223 billion) in assets, uniquely positioned to accelerate the transformation of Saudi Arabia’s banking landscape and deliver progress towards Vision 2030.

 Source: Mubasher