MENA

NCB-Samba merger builds regional powerhouse, but rewards may not match risks

  • The combined entity will be third largest in MEA region and will be better able to fund Saudi Vision 2030 megaprojects

  • Clear domestic leadership position with c30% market share but cost synergies must surprise positively to be EPS neutral

  • Risks: revenue loss from integration disruption; customers diversifying their banking suppliers; political interference

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October 12th, 2020
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