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Saudi National Bank shareholders to get $953 million dividend

A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. (File/Reuters)
A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. (File/Reuters)
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04 Apr 2021 05:04:18 GMT9
04 Apr 2021 05:04:18 GMT9

Arab News

  • The payout equates to 8 percent
  • National Commercial Bank and Samba Financial Group officially combined under the name of Saudi National Bank (SNB) at the start of the month

DUBAI: Saudi National Bank said it planned to pay out more than SR3.58 billion ($953 million) in dividends to shareholders of the recently merged lender.

The payout equates to 8 percent, the bank said in a regulatory filing on Sunday. Details about its distribution date will be announced at a later date, it said.

National Commercial Bank and Samba Financial Group officially combined under the name of Saudi National Bank (SNB) at the start of the month, creating the Kingdom’s biggest bank with some SR837 billion in assets. It became the latest regional bank to combine with a competitor amid a wave of consolidation across the sector.

Non-resident foreign investors must pay 5 percent withholding tax on the dividend payout, the bank said in the statement, in accordance with Saudi commercial law.

The shares gained 0.4 percent in early trade on Sunday.

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