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.
RIYADH | SAUDI ARABIA – Saudi Arabia’s non – oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey on Sunday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June … Continue reading BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI →
WASHINGTON – Global coronavirus cases exceeded 11 million on Friday, according to a Reuters tally, marking another milestone in the spread of the disease that has killed more than half a million people in seven months. The number of cases is more than double the figure for severe influenza illnesses recorded annually, according to the … Continue reading CORONAVIRUS PANDEMIC | Global Coronavirus Cases Exceed 11 Million →
Lamborghini’s new limited-edition SCV12 hypercar boasts most powerful V12 engine in a Lamborghini and is made only for the track. Earlier this year Lamborghini teased with an upcoming project that gave hints of a racing circuit but didn’t go so far to share the entire of the details – now we know why. Announced as … Continue reading SUPERCARS | Lamborghini SCV12 Track – Only Hypercar Has Most Powerful V12 Engine Yet →
DUBAI – The United Arab Emirates will allow both citizens and residents to travel abroad, the state news agency reported on Friday. In March, the UAE suspended all inbound and outbound passenger flights and the transit of airline passengers in the UAE, allowing only cargo and emergency evacuation flights.
PARIS | FRANCE – The United Nations’ cultural agency has warned that its name and logo are being illegally emblazoned on false documents to facilitate illicit trafficking in African cultural property. UNESCO urged ‘vigilance’ Wednesday after it received numerous reports of such fraud and instance where its name was being used to certify the monetary … Continue reading NEWS | UNESCO Says Logo Being Used Illegally For Arts Trafficking →
SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland.
GENEVA – Following the 2020 Geneva International Motor Show’s cancellation due to the COVID-10 pandemic, the 2021 event has suffered the same fate as the Committee and Council of Foundation ‘Salon International de l’Automobile’ has decided not to proceed with organizing the event. Although it’s possible travel restriction will be lifted by next year, in … Continue reading SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland. →
RIYADH | SAUDI ARABIA – The Saudi – led military coalition battling the Houthis in Yemen said on Friday it had destroyed four explosive-laden-drones launched by the Iran-aligned group in the direction of Saudi Arabia, the official Saudi Press Agency reported. The drones were intercepted over territory controlled by the Houthis in Yemen, the agency … Continue reading NEWS ALERT | Saudi – Led Coalition Destroyed Four Houthi Drones Over Yemen – Saudi Press Agency →
RIYADH | SAUDI ARABIA – Iran-aligned Houthi forces in Yemen said on Friday they targeted Khamis Mushait and Najran in Saudi Arabia with drones, Houthi military spokesman Yahya Saria said on Twitter. The Saudi – led coalition said earlier on Friday it intercepted and destroyed four explosive – laden drones launched by the group in … Continue reading NEWS ALERT | Yemen’s Houthis Say Targeted Saudi Airport, Air Base With Drones →
TORONTO – Canada’s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc. begun by U.S. civil rights groups seeking to pressure the world’s largest social media platform to take concrete steps to block hate speech. More than 400 brands have pulled advertising on Facebook in response to the ‘Stop Hate … Continue reading SOCIAL MEDIA | Canada’s Biggest Banks Join Boycott Of Facebook Platforms →
VIENNA – Austria has issued travel warnings for Western Balkan countries outside the European Union (E.U) due to a rise in coronavirus infections here, Foreign Minister Alexander Schallenberg said on Wednesday. The move by Austria, which has close ties to the region, is a particular blow for Serbia and Montenegro, which the EU on Tuesday … Continue reading TRAVEL WARNINGS | Austria Warns Against Travel To Non – EU Western Balkan Countries →
Something went wrong. Please refresh the page and/or try again.
- Click to share on Twitter (Opens in new window)
- Click to share on Facebook (Opens in new window)
- Click to share on WhatsApp (Opens in new window)
- Click to print (Opens in new window)
- Click to email this to a friend (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to share on Pocket (Opens in new window)
- Click to share on Telegram (Opens in new window)
- Click to share on Skype (Opens in new window)