Saudi National Bank (SNB), Also Known As SNB AlAhli (Arabic ：البنك الأهلي السعودي）， Formerly Known As 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 Saudi National Bank.
On March 27, 2023, Ammar Abdul Wahed Al Khudairy Resigned As Chairperson Of The Bank For Personal Reasons. Two Weeks Ago, Al Khudairy Said That The Swiss National Bank Would Not Acquire More Shares In The Troubled Credit Suisse Bank Due To Regulatory Restrictions, Which Caused More Panic Among Investors.
SNB Group
National Bank Of Saudi Arabia "SNB Group" "Arabic ：البنك الأهلي السعودي” Is A Saudi Bank Headquartered In Riyadh, The Capital Of Saudi Arabia. The Bank Was Established In December 1953 Under The Name National Commercial Bank" NCB ". In 2021, The SNB Became The Banking Champion After Completing One Of The Largest Mergers In The Region Between National Commercial Bank And Samba Financial Group. Currently, The SNB Has Subsidiaries And Affiliates In 8 Countries Around The World.
The National Bank Of Saudi Arabia Is Mainly Owned By The Saudi Government, Represented By The Public Investment Fund And The General Organization For Social Insurance (GOSI).
As The Largest Financial Conglomerate In Saudi Arabia And One Of The Largest In The Region, The Swiss National Bank Plays A Vital Role In Supporting Saudi Arabia's Economic Transformation By Transforming The Local Banking Sector And Facilitating The Realisation Of Saudi Arabia's Vision 2030. The Swiss National Bank's Strategy Is Closely Aligned With The Saudi Vision Plan, Using Its Position As The Largest Institutional And Professional Financier In Saudi Arabia To Support Signage Transactions And Large-scale Projects In The Kingdom.
The Swiss National Bank's Robust Balance Sheet, Resilient Business Model And Healthy Liquidity Position Enhance The Central Bank's Local And Regional Capabilities And Facilitate Trade And Capital Flows Between Saudi Arabia And Regional And Global Markets.
Ownership And Legal Composition
The Bank Was Established As A General Partnership Since Its Inception In 1953, Until It Was Restructured As A Joint-stock Company On July 1, 1997.
In 1999, The Government Of Saudi Arabia Acquired A Majority Stake In The Bank Through The Ministry Of Finance's Public Investment Fund (PIF).
At The General Meeting Of Shareholders Held On March 21, 2014, Shareholders Approved The Offering Of 25% Of The Bank's Share Capital (after Capital Increase) To The Public And Minority Shareholders Of The Bank Under An Initial Public Offering (IPO). This IPO Is 15% Of The Bank's Share Capital, With The Other 10% Allocated To Public Pension Institutions. The Shares Issued Are Part Of The Majority Shareholder's Equity In The Bank. The IPO Was Approved By Regulators And Subscriptions For The IPO Took Place Between October 19, 2014 And November 2, 2014. The Bank's Shares Have Been Traded On The Saudi Stock Exchange (Tadawul) Since November 12, 2014.
SNB Management
Chairperson: Saeed Mohammed Al Ghamdi CEO: Tareq Abdulrahman Al Sadhan SNB Capital CEO: Rashed I. Sharif Group CFO: Ahmad Al Ali Dhabi
NCB Samba Transaction
Samba Financial Group And NCB Are Planning A Mega Merger Worth $15.30 Billion. The Merger Will Result In The Creation Of The Third Largest Bank In The Arabian Gulf, After Qatar National Bank And Abu Dhabi First Bank.
INVESTMENT
As Of March 15, 2023, Saudi National Bank Held A 9.8% Stake In Credit Suisse Group. Subsequent Statements Indicated That This Had Been Raised To A Maximum Authorized Amount Of 9.9%, And That The Statement On The Matter When Auditors Discovered "material Weaknesses" In Credit Suisse Accounts Contributed To The Climate, Which Led To CS Being Acquired By Its Competitor UBS At A Significant Discount, Despite A Huge Credit Line Being Granted To Swiss National Bank. This Would Have Resulted In (subject To Any Hedging) A Huge Write-down Of The Value Of Investments Owned By Saudi National Bank. They Will Receive A Much Smaller Share Of Participation In The Merged New Bank, UBS.
