Samba Chairman Ammar Al-Khudairi said that no employees from Samba and Al-Ahly Banks will be dismissed as a result of the merger.
Speaking to Al-Arabiya, he added that the estimated savings of 800 million riyals annually is mainly due to reducing the cost of technology systems in the two banks.
He explained that the bank is opening a branch soon in London, noting that the new entity will focus on the local market, but at the same time it is looking to expand in a number of countries, indicating that this matter is under study.
He added that the countries that have a large commercial exchange with the Kingdom will be the top priority for the bank to be in it.
He explained that the redeployment map is under study and does not mean closing branches. “On the contrary, we may need to increase the number of branches, and there is a plan for more comprehensive coverage of some areas that may not be well served.”
He pointed out that “there may be a study of the redeployment of some branches, especially that there are branches of Al-Ahly and Samba Bank that are only a few meters apart, and therefore one of the two branches must be closed and transformed into a new geography that serves customers.”
With regard to the investment banking sector in the new entity after the merger, Al-Khudairi said that the two banks, Samba and Al-Ahli, were in the first and second places in the investment banking sector, indicating that the merger will enable the new entity to meet the Kingdom’s future needs.
He continued: “The budget of the two banks is more than 850 billion riyals, and a large part of this budget will be used to finance development projects and finance companies that contribute to these operations.”
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