Saudi National Bank (bank)

The Saudi National Bank (SNB), also known as AlAhli Bank (Arabic: البنك الأهلي السعودي‎, formerly known as The National Commercial Bank (NCB), is a Saudi Arabian bank.[5][6]

The Saudi National Bank
البنك الأهلي السعودي
TypePublic
Tadawul: 1180
ISINSA13L050IE10
IndustryFinance
Founded26 December 1953 (1953-12-26)
(as National Commercial Bank)
1 April 2021 (2021-04-01)
(via the merger of National Commercial Bank & Samba bank)
FounderSaleh Kaki
Abdulaziz Kaki
Salem bin Mahfouz Company[1]
HeadquartersJeddah, Saudi Arabia
Number of locations
405 Branches (2019)
3,770 ATM's (2019)
Key people
Ammar Al Khudairy Chairman[2]
Rashid Ibrahim Sharif Vice Chairman[2]
Saeed Mohammed AL-Ghamdi CEO[3]
ProductsFinancial services
Total assets$115.9 billion (2018) [4]
Number of employees
13,058 (2018)
Websitehttps://www.alahli.com/en-us/Pages/RB-NCB-Home-New.aspx

In April 2021, Samba merged with NCB and NCB was renamed as Saudi National Bank on, 1 April 2021.[7][8]

The National Commercial Bank was the first Saudi bank to be licensed and the biggest in the kingdom and a leading financial institution in the region founded by Sheikh Abdullah Mousa Kaki, Sheikh Abdulaziz Mohammad Kaki, Sheikh Saleh Mousa Kaki, and Sheikh Salem Ahmed bin Mahfouz. The bank initiated business as The National Commercial Bank following the Royal Decree on 20 Rabi Thani 1373H (26 December 1953).[9]

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

The National Commercial Bank owns 90.7% of NCB Capital, its investment arm and the premier investment bank in the kingdom, and owns 67.03% of Türkiye Finans Katılım Bankası (TFKB), the leading participation bank in Turkey,[10]

The institute is the largest bank by total asset in Saudi Arabia and the second-largest by market capitalization, and it's one of the largest Islamic banks in the world in terms of assets.[6] NCB practices Islamic banking and finance. In 2014, NCB announced to turn itself into a fully Islamic bank in the next five years.[5]

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.

Management

In May 2018, Faisal Omar Alsaggaf was appointed chief executive office (CEO) of National Commercial Bank. This was announced by Mansour Al Maiman, Chairman of the Board of Directors of NCB. The board appointed Faisal as the new CEO who would take charge in May 2018.

In May 2018, Saeed bin Muhammad Al Ghamdi was appointed as chairman.

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.[11][12]

See also

References
  •  Saudi Arabia portal
  •  Banks portal
  1. "OUR HISTORY". www.alahli.com.
  2. "Investor Relations Board of Directors". www.alahli.com.
  3. https://www.alahli.com/en-us/about-us/Pages/Management.aspx
  4. "National Commercial Bank". Forbes.
  5. Shankar, Sneha (20 October 2014). "Saudi Arabia's Largest Bank, National Commercial Bank, To Convert To Fully Islamic Bank". International Business Times. Retrieved 24 March 2018.
  6. "List of Banks in Saudi Arabia 2019 - Overview of Top Banks". ADV Ratings. Retrieved 7 November 2019.
  7. "Saudi Arabia achieves new milestone in banking sector". Arab News. 1 April 2021. Retrieved 1 April 2021.
  8. https://www.fitchratings.com/research/banks/fitch-affirms-saudi-national-bank-at-a-on-merger-completion-withdraws-samba-ratings-08-04-2021
  9. Tschoegl, Adrian E. (2002). "Foreign banks in Saudi Arabia: a brief history" (PDF). Transnational Corporations. 2 (11): 123–154.
  10. "A Brief Introduction of NCB". NCB. Retrieved 7 November 2019.
  11. Dudley, Dominic. "Saudi Banks NCB And Samba Plan Mega-Merger Worth $15 Billion". Forbes. Retrieved 4 July 2020.
  12. "Merger | NCB Samba Deal". NCB Samba Merger KSA. Retrieved 2021-02-02.
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