More bank mergers and digital lenders are the order of the day in Saudi Arabia, as the Kingdom seeks to transform itself into a developed financial economy by 2030.
In October, a $15 billion merger brought together National Commercial Bank (NCB), the country’s largest lender by assets, with local rival Samba Financial Group.
The new organization, renamed Saudi National Bank (SNB) on April 1 and headed by chief executive Saeed Al-Ghamdi, is the Kingdom’s largest bank by assets and market capitalization.
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