NCB, Samba sign framework agreement for merger – Saudi Gazette

SourceSaudi Gazette
SectorFinancial Services
CountrySaudi Arabia

National Commercial Bank (NCB) and Samba Financial Group both announced the signing of a framework agreement Thursday to begin due diligence process, and negotiate definitive and binding terms of a possible merger.nNCB said “it entered into a Framework Agreement on June 25, 2020 with Samba Financial Group in order to begin a reciprocal due diligence process and to negotiate definitive and binding terms of a potential merger of NCB and Samba Financial Group (the “Proposed Transaction”).”nThe parties have also agreed in the Framework Agreement that they will negotiate definitive agreements in relation to the Proposed Transaction that will set out the relevant commercial terms thereof, including (without limitation):n(i) the final structure of the Proposed Transaction, (ii) the final exchange ratio, (iii) the name of the merging bank and the more...

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