Saudi National Bank

The Saudi National Bank (SNB) is a Saudi bank that emerged from the merger of two banks. On April 1, 2021, it was announced that Samba Financial Group (Samba) was merged into the National Commercial Bank, with all of Samba's assets and liabilities transferred into the National Commercial Bank through a share swap, and the official launch of the new bank headquartered in the capital, Riyadh.

The Saudi National Bank started trading as a unified entity listed in the Saudi Stock Exchange 'Saudi Tadawul' on April 1, 2021. Samba Finance Group shares were delisted and all its assets, debts, and operations were transferred to SNB. Its shares are traded on the main market within the banking sector under the name (SNB), code (1180), and ISIN (SA13L050IE10). Its capital is nearly SAR60 billion.

SNB is an extension of two large banks (the National Commercial Bank and Samba). It commenced operations following a Royal Order rendered on December 26, 1953, as a general partnership resulting from the merger of several currency banks in the Kingdom of Saudi Arabia.

In 1996, SNB's Shariah Committee was established. It was transformed into a joint-stock company in 1997. The Kingdom, represented by the Public Investment Fund (PIF), acquired a majority stake in the bank in 1999, and the remaining shares were distributed over the General Organization for Social Insurance and some Saudi investors. In 2014, the SNB's journey witnessed a significant milestone when 25 percent of its shares were offered to public subscription.

Samba is a Saudi company specializing in banking and finance services. In 1955, the first branch of the group was inaugurated under the name Citibank. In 1980, Citibank in the Kingdom transformed into a Saudi-majority-owned bank known as the "Saudi American Bank". In 1999, the United Saudi Bank merged with the Saudi American Bank, resulting in the formation of one of the largest financial institutions in the Middle East. In 2003, Samba Bank transitioned to full local management, and the bank's name was changed to Samba Financial Group.

Islamic banking products in SNB are developed at a world-class level, in compliance with the provisions of Islamic Shariah under the supervision of the bank's Shariah Committee, where SNB is committed to ensuring that all the Islamic products and services offered to the clients are fully compliant with the Islamic Shariah.

The Shariah Committee at SNB comprises five prominent scholars possessing extensive knowledge and experience in Islamic Shariah and contemporary Islamic Banking.

The Shariah Department is an internal department within SNB. It is staffed with experts in the field of Shariah and Islamic Banking. The department's responsibilities include researching Shariah issues, particularly those related to Islamic Banking, providing Shariah consultations, developing innovative Islamic products and services, and ensuring internal control to comply with Islamic Shariah controls in SNB's Islamic banking.

SNB has several subsidiaries, including Alahli Capital Company (Alahli Capital), a joined-stock company registered in the Kingdom to manage investment services and asset management activities for the bank; SNB Capital DIFC - Dubai, a limited liability company incorporated in the Cayman Islands to source, structure and invest in private equity and real estate development opportunities across emerging markets; SNB Capital Real Estate Investment Company (REIC), a special purpose company registered in the Kingdom with the primary objective of holding and registering the real estate assets on behalf of real estate funds managed by Alahli Capital Company; Türkiye Finans Bank (Türkiye Finans), a participation bank registered in Turkey, in which SNB owns a stake of approximately 67 percent.

SNB subsidiaries also include the Real Estate Development Company (REDCO), a limited liability company registered in the Kingdom, engaged in keeping and managing title deeds and collateralized real estate properties on behalf of the bank; SNB Markets Limited, a limited liability company registered in the Cayman Islands, engaged in trading in derivatives and repos/reverse repos on behalf of the bank; Eastgate MENA Direct Equity L.P., a private equity fund domiciled in the Cayman Islands and managed by SNB Capital DIFC - Dubai, aiming to generate returns via investments in Shariah-compliant direct private equity opportunities in high-growth businesses in countries of MENA; Alahli Outsourcing Company, a limited liability company registered in the Kingdom engaged in recruitment services within its grounds; Samba Bank Limited (SBL) Pakistan, a subsidiary incorporated as a banking company in Pakistan operating in commercial banking and related services and listed on the Pakistan Stock Exchange; Samba Real Estate Company, a limited liability company registered in the Cayman Islands to manage certain treasury transactions; and SNB Funding Limited, a limited liability company established under the laws of the Cayman Islands with the main objective of generating liquidity for the bank through the issuance of debt security.