Источник ArabNews.com, Jeddah, Saudi Arabia
Заголовок NCB tie-up opens new finance era under SAMA leadership
Дата 20201018

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NCB tie-up opens new finance era under SAMA leadership

NCB tie-up opens new finance era under SAMA leadership

Basil M.K. Al-Ghalayini

October 18, 2020 00:50

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Basil M.K. Al-Ghalayini

October 18, 2020 00:50

NCB tie-up opens new finance era under SAMA leadership

Basil M.K. Al-Ghalayini

October 18, 2020 00:50

Short Url

https://arab.news/zvseu

I was 25 when I landed a job with the National Commercial Bank (NCB) almost
one week after arriving in Jeddah from Boston. I was hired as part of the
investment management division (IMD) team to set up the first Murabaha fund in
Saudi Arabia• Саудовская Аравия.

At that time and before the creation of the Capital Market Authority, the IMD
was performing the same activities as NCB Capital now. The team was made up of
seven highly educated Saudi• Саудовская Аравия members headed by an experienced US executive
headhunted from Citibank.

Back then, a new era began for NCB — headed by CEO Abdulhadi Shayef — as the
most progressive Saudi• Саудовская Аравия financial institution offering commercial and advanced
investment banking services.

It started to hire top Saudi• Саудовская Аравия talents, as well as expatriates, and had a global
network of offices in New York, London, Tokyo and Beirut. NCB’s triangular
headquarters became the first skyscraper in the entire Gulf Cooperation
Council.

With the recently signed memorandum of understanding for its acquisition of
Samba Financial Group, another era has started for NCB, making it the
fastest-growing bank in the Middle East under the leadership of Saeed
Al-Ghamdi as new CEO.

The banking sector in Saudi Arabia• Саудовская Аравия has been active in executing mergers and
acquisitions
. This latest merger will be the second in recent years following
the successful tie-up of SABB and Alawwal banks. I believe that there is an
economic viability for further mergers, especially among banks that operate
fully under Shariah compliance guidelines.

Another financial sector that is also seeing more mergers and acquisitions is
insurance• Страхование.

The Saudi• Саудовская Аравия Arabian Monetary Authority (SAMA), the Kingdom’s central bank and
regulator of the insurance• Страхование sector, has been encouraging insurance• Страхование companies
listed on the Saudi• Саудовская Аравия Stock Exchange• Экономика » Финансы » Финансовый рынок » рынок ценных бумаг » Фондовый рынок » Фондовые биржи

• Экономика » Финансы » Финансовый рынок » рынок ценных бумаг » Биржи » Фондовые биржи
(Tadawul) to strengthen their financial
positions through consolidation.

With the proposed capital requirement to be implemented in the future,
insurance• Страхование companies with low capital will be forced to either increase their
capital, consolidate or phase out of the market.

So far, Walaa Cooperative Insurance• Страхование Co. and MetLife• Страхование » Страховые компании » Страховые компании США » MetLife, Inc.

• Объект организация » Организации по алфавиту » Организации на Me » MetLife, Inc.
AIG• Страхование » Страховые компании » Страховые компании США » American International Group

• Объект организация » Организации по алфавиту » Организации на Am » American International Group
ANB Cooperative
Insurance• Страхование Co. have merged, while other companies have announced merger plans.
These include Aljazira Takaful• Страхование » Такафул Taawuni Co. with Solidarity Saudi• Саудовская Аравия Takaful• Страхование » Такафул Co.,
Gulf Union Cooperative Insurance• Страхование Co. with Al-Ahlia for Cooperative Insurance• Страхование
Co., and Saudi• Саудовская Аравия Enaya Cooperative Insurance• Страхование Co. with Amana Cooperative
Insurance• Страхование Co.

I believe the consolidation wave will continue to build a healthier and
stronger financial sector. We may see another announcement in the banking
sector during first half of next year, but can definitely expect several
announcements in the insurance• Страхование sector.

As BMG Financial Group has been the most active boutique authorized financial
adviser since 2005, taking 12 insurance• Страхование companies public and advising one of
the potential mergers mentioned above — coupled with a dynamic team in the
mergers and acquisitions unit of the insurance• Страхование supervisory department at SAMA
we believe that future consolidation among insurance• Страхование players will continue,
with the number reduced to 20 companies by 2022.

Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.

Disclaimer: Views expressed by writers in this section are their own and do
not necessarily reflect Arab News' point-of-view

============= Итог: 13,4000 ; Страхование#MetLife, Inc. 13,4000 ; Страхование#American International Group 3,2000 ; Страхование#Такафул 1,4160 ; Экономика#Финансы#Финансовый рынок#рынок ценных бумаг#Фондовый рынок #Фондовые биржи 4,5000 ; Саудовская Аравия

============= Объекты: организации American International Group Страховые компании США MetLife, Inc. Страховые компании США

============= Географические объекты: 1 24.533333333,44.650000000 Саудовская Аравия

============= Связи: Страхование # ассоциации # American International Group Страхование # ассоциации # MetLife, Inc.


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