...April 1, 2021 - The merger of National Commercial Bank (NCB) and Samba Financial Group (SFG) has formed a new entity, Saudi National Bank [SNB], with SFG's assets and liabilities vesting into SNB. - With a 30% market share built on well-established franchises, SNB now enjoys a prime market position, strong capitalization, and a well-balanced risk profile. - We have raised our ratings on NCB (now SNB) and assigned a 'gcAAA' regional rating to the new entity. - We have raised our ratings on SFG to 'A-/A-2' and 'gcAAA' and then withdrawn them. - The stable outlook reflects our expectations that SNB will maintain a solid capital base, and that the joint entity will successfully manage the risks associated with integration and further lending growth. DUBAI (S&P Global Ratings) April 1, 2021--S&P Global Ratings today raised its long-term issuer credit rating on The National Commercial Bank (NCB) to 'A-'. The outlook is stable. NCB is becoming Saudi National Bank (SNB) as the surviving entity...
