Saudi National Bank: Difference between revisions
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→Investments: Updates following: Disclosure of material weakness In Credit Suisse Accounts Statement by SNB on refusal to increase participation in or inject capital into Credit Suisse UBS board and Swiss national bank statements by rescue repurchase and repricing of credit Suisse shares resulting from proposed exchange of Credit Suisse shares into UBS shares. Tags: Mobile edit Mobile web edit |
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== Investments == |
== Investments == |
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As of 15 March 2023, Saudi National Bank holds a 9.8% stake in the [[Credit Suisse|Credit Suisse Group]].<ref>{{Cite web |last=Bloomberg |date=2023-01-25 |title=Qatar Investment Authority ups its stake in Credit Suisse |url=https://gulfbusiness.com/qia-ups-its-stake-in-credit-suisse/,%20https://gulfbusiness.com/qia-ups-its-stake-in-credit-suisse/ |website=gulfbusiness.com|access-date=2023-01-26 |language=en-US}}</ref> |
As of 15 March 2023, Saudi National Bank holds a 9.8% stake in the [[Credit Suisse|Credit Suisse Group]].Later statements indicate this had been increased to maximum authorised amount of 9.9% and statement issued on this matter at the time “material weaknesses” were identified by auditors in Credit Suisse accounts contributed to climate which resulted in CS being bought at a steep discount by its rival UBS and dépité receiving a massive credit line by the Swiss atop Al Bank. This would have resulted in a large loss to Saudi National Bank. <ref>{{Cite web |last=Bloomberg |date=2023-01-25 |title=Qatar Investment Authority ups its stake in Credit Suisse |url=https://gulfbusiness.com/qia-ups-its-stake-in-credit-suisse/,%20https://gulfbusiness.com/qia-ups-its-stake-in-credit-suisse/ |website=gulfbusiness.com|access-date=2023-01-26 |language=en-US}}</ref> |
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==See also== |
==See also== |
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Revision as of 23:07, 19 March 2023
 | This article needs additional citations for verification. (December 2011) |
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| Company type | Public |
|---|---|
| Tadawul: 1180 | |
| ISIN | SA13L050IE10  |
| Industry | Finance |
| Founded |
|
| Headquarters | Riyadh, Saudi Arabia |
Number of locations | 502 Branches (2021) 3,770 ATM's (2019) |
Key people | |
| Products | Financial services |
| Total assets | US$115.9 billion (2018) [3] |
Number of employees | 13,058 (2021) |
| Website | SNB Website |
Saudi National Bank (SNB), also known as SNB AlAhli (Template:Lang-ar, formerly known as The National Commercial Bank (NCB), is the largest commercial bank in Saudi Arabia.[4][5]
In April 2021, National Commercial Bank merged with Samba Financial Group under the name of Saudi National Bank.[6][7]
SNB Group
The Saudi National Bank “SNB Group” “Arabic: البنك الأهلي السعودي” is a Saudi bank headquartered in Riyadh, the capital city of Saudi Arabia. The bank was founded in December 1953 under the name of the National Commercial Bank “NCB”. In 2021, SNB has emerged as a banking champion after completing one of the largest mergers in the region between the National Commercial Bank and Samba Financial Group. Currently, SNB has subsidiaries and affiliates operating in 8 countries around the world.
The Saudi National Bank is overwhelmingly owned by the Saudi Government represented by the Public Investment Fund and the General Organization for Social Insurance (GOSI).
Being the largest financial group in Saudi Arabia and one of the largest powerhouses in region, SNB plays a vital role in supporting economic transformation in Saudi Arabia by transforming the local banking sector and catalyzing the delivery of Saudi Arabia’s Vision 2030. SNB strategy is closely aligned with the Saudi Vision programs, levering on its position as the largest institutional and specialized financier in the Kingdom to support the Kingdom’s landmark deals and mega projects.
SNB robust balance sheet, resilient business model, and healthy liquidity position enhance the Bank’s local and regional capabilities, and to facilitate trade and capital flows between the Kingdom and regional and global markets.
Ownership and legal constitution
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.
SNB Management
Chairman: Ammar Abdul Wahed Al Khudairy
Managing Director and Group CEO: Alik Bin Talal Salem
CEO, Wholesale Banking: Talal Ahmed Al Khereiji
CEO, Retail Banking: Majed Hamdan Al Ghamdi
CEO, SNB Capital: Rashed I. Sharif
Group CFO: Ahmad Ali Al Dhabi
NCB Samba Deal
Samba Financial Group and NCB planned a mega-merger worth US$15.3 billion. The merger would result in creation of Arabian Gulf's third largest bank after Qatar National Bank and First Abu Dhabi Bank.[8][9]
Investments
As of 15 March 2023, Saudi National Bank holds a 9.8% stake in the Credit Suisse Group.Later statements indicate this had been increased to maximum authorised amount of 9.9% and statement issued on this matter at the time “material weaknesses” were identified by auditors in Credit Suisse accounts contributed to climate which resulted in CS being bought at a steep discount by its rival UBS and dépité receiving a massive credit line by the Swiss atop Al Bank. This would have resulted in a large loss to Saudi National Bank. [10]
See also
References
- ^ "Investor Relations Board of Directors". www.alahli.com.
- ^ "About Us Management". www.alahli.com.
- ^ "National Commercial Bank". Forbes.
- ^ 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.
- ^ "List of Banks in Saudi Arabia 2019 - Overview of Top Banks". ADV Ratings. Retrieved 7 November 2019.
{{cite web}}: CS1 maint: url-status (link) - ^ "Saudi Arabia achieves new milestone in banking sector". Arab News. 1 April 2021. Retrieved 1 April 2021.
- ^ "Fitch Affirms Saudi National Bank at 'A-' on Merger Completion; Withdraws Samba's Ratings". www.fitchratings.com. April 8, 2021.
- ^ Dudley, Dominic. "Saudi Banks NCB And Samba Plan Mega-Merger Worth $15 Billion". Forbes. Retrieved 4 July 2020.
- ^ "Merger | NCB Samba Deal". NCB Samba Merger KSA. Retrieved 2021-02-02.
- ^ Bloomberg (2023-01-25). "Qatar Investment Authority ups its stake in Credit Suisse". gulfbusiness.com. Retrieved 2023-01-26.
External link
Media related to Saudi National Bank at Wikimedia Commons