COVID-19 impact: More financial sector mergers likely in Saudi Arabia, GCC
(WorldNews Business)

Dubai: The offer from National Commercial Bank (NCB), Saudi Arabia`s largest lender by assets to acquire rival Samba Financial Group is likely to trigger a wave of mergers and acquisitions in the financial services sectors in Saudi Arabia and wider GCC, according to analysts. In the proposed deal, NCB has offered to pay as much as $15.6 billion to Samba, approximately at a premium of 27.5 per cent to Samba`s share price. Even before the coronavirus pandemic hit, the GCC`s financial-services industry was witnessing a wave of consolidation as banks sought ways to improve competitiveness, reduce operating costs and boost capital amid slowing economic growth. Analysts say the NCB offer for...