K&A, having advised Samba Financial Group on its merger with the National Commercial Bank (NCB), is pleased to announce the legal completion of the merger. Saudi National Bank (SNB), as the surviving entity has now been renamed, is now the largest bank in Saudi Arabia.
K&A’s role on the transaction involved structuring, negotiating, and drafting all transaction documents and public circulars on behalf of Samba. K&A also represented Samba when dealings with regulators, including the CMA, GAC, SAMA, and MOC. All of K&A’s tier 1 practices worked on this historic transaction, including the M&A, competition, capital markets, banking, and disputes teams.
This deal continues K&A strong track record in successful M&A deals in Saudi Arabia, after having had roles in Saudi Aramco’s acquisition of 70% stake in SABIC, SIPCHEM’s share swap with Sahara, and the SABB/Alwwal merger.
The closing of this deal also coincides with K&A being named the Saudi Arabian Law Firm of the year by Thomson Reuters, and National Law Firm for Saudi Arabia by the IFLR.