RIYADH | SAUDI ARABIA – Saudi Arabia’s National Commercial Bank (NCB) and Samba Financial Group are in talks to create a combined entity with almost $214 billion in assets, two sources familiar with the matter told Reuters.
Low oil prices and weak economic growth are pushing bank consolidation across the Gulf and in completed the merger would create one of the region’s largest lenders by assets, ranking third after Qatar National Bank (QNB) and UAE’s First Abu Dhabi Bank (FAB.AD), Refinitiv data shows.
Saudi stock exchange Tadawul said on Thursday it was suspending trading in NCB 1180.SE and Samba 1090.SE shares until June 28 at the request of the banks, ahead of them announcing a material event.
NCB and SAMBA were not immediately available for comment.
Saudi Arabia’s sovereign wealth, the Public Investment Fund (PIF) is a major investor in both banks, with a stake of 44.29% in NCB and 22.91% in Samba.
NCM and Riyadh Bank has ended merger talks last year, without giving a reason.
NEW YORK – Saudi Arabia’s King Salman bin Abudlaziz on Wednesday called for a comprehensive solution on Iran and disarming its affiliate Hezbollah in Lebanon, and expressed support for U.S. efforts to start talks between Israel and the Palestinians during his first address to the United Nations General Assembly. He said Iran has exploited a … Continue reading NEWS ALERT | In U.N. Debut, Saudi King Calls For Comprehensive Solution On Iran →
The Saudi Ministry of Culture announced the establishment of the Red Sea Museum, which will open its doors in 2020, in Bab Al Banat in the Historic Jeddah. The ministry says the museum will include manuscripts, photos, and books, which tell the story of the Bab al-Bunt’s heritage and demonstrate its role as a historical … Continue reading ARTS & CULTURE & ENTERTAINMENT | Jeddah Host The Red Sea Museum →
RIYADH | SAUDI ARABIA – Saudi Deputy Defense Minister Prince Khalid bin Salman said Tuesday that the Kingdom is looking forward to the establishment of ‘comprehensive and lasting peace in Yemen through the implementation of the Riyadh Agreement’. On the occasion of the International Day of Peace, he said: ‘We look forward to the day … Continue reading NEWS | Saudi Deputy Defense Minister Hopes Peace Is Restored In Yemen Based On Riyadh Agreement →
Saudi Arabia’s Ministry of Culture has announced a collaboration with international art collective teamLab to create a digital-art museum as part of the Kingdom’s Vision 2030. The museum will be located in Jeddah, and is set to be called TeamLab Borderless Jeddah and will open in 2023. The 10 – year collaboration agreement between Saudi … Continue reading ARTS & CULTURE & ENTERTAINMENT | The New Digital – Art Museum Is Coming To Saudi Arabia →
Billy Porter is known for his unapologetic style and statement red carpet looks. Despite this year’s Emmy Awards being held digitally, porter didn’t hold back from bringing his show-stopping outfits to the event, wearing a custom-made ensemble by Saudi label, Ashi Studio. The actor, who was nominated for the award for outstanding lead actor in … Continue reading FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label →
Bahrain’s interior ministry said on Sunday it had foiled a ‘terrorist attack’ early this year that was backed by Iran’s Islamic Revolutionary Guard Corps. The statement confirmed earlier media reports about an alleged planned attack and added a timeframe. Earlier on Sunday Saudi state television Al-Ekhbariya and Bahraini newspaper Akhbar Al-Khaleej reported that interior ministry … Continue reading NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020 →
PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance →
The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia →
WASHINGTON – U.S. President Donald Trump awarded the U.S. Legion of Merit, Degree Chief Commander, to Kuwaiti Emir Sheikh Sabah al-Ahmed al-Sabah, the White House said in a statement on Friday, adding that it was the first time the honor had been given since 1991. The 91-year-old emir arrived in the United States in July … Continue reading WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says →
MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit →
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