NCB plan to sell 500m shares draws huge interest
(MENAFN- Arab News) The National Commercial Bank (NCB) described as the oldest and largest bank in the Kingdom is to sell 25 percent of its shares or 500 million shares in an initial public offering (IPO) starting from Sunday that will last for two weeks.
According to a statement the subscription to the NCB's IPO will run between Oct. 19 and Nov. 2 where the NCB fixed the price at SR45 per share.
The NCB's IPO is the second biggest IPO this year after Alibaba Group Holding and is expected to attract a big turnout from the pubic as it is considered the biggest IPO witnessed by the Kingdom and the rest of the GCC and Arab markets the statement said.
Board Chairman of the NCB Mansour Al-Maiman said the IPO would catch the interest of a big portion of the public because Saudi banking is considered one of the biggest growing sectors in addition that the bank has clear-cut strategies and a leading role to provide outstanding financial services.
Upon completion of the IPO the bank will be added to the list of 12 listed banks in the Saudi stock market and accordingly will play a leading role in the national economy and provide exceptional investments opportunities for Saudi citizens he said.
He said the NCB has in cooperation with GIB Capital and HSBC who were appointed as financial advisers and bookrunners finalized all preparations with financial and banking bodies to receive the money of potential subscribers to the NCB offer.
They included Samba Financial Group NCB Riyad Bank Arab National Bank (ANB) Saudi Hollandi Bank (SHB) Saudi Investment Bank (SIB) Banque Saudi Fransi (BSF) and Saudi British Bank (SABB).
All efforts were geared to allow subscribers to undertake the subscription process easily through bank branches and other receiving bodies Kingdomwide or through electronic means available on round-the-clock basis throughout the subscription period he said.
Al-Maiman expressed confidence over the GIB Capital and HSBC which he said are merited with financial banking and administrative experiences notably as lead managers.
He said the NCB's prospectus is available at the sites of the Saudi Capital Market Authority NCB Gulf International Bank and HSBC.
The NCB's IPO comes in a positive atmosphere following the success of economic and financial policies being adopted by the government of Custodian of the Two Holy Mosques King Abdullah toward distribution of income sources to citizens and directing of spending to sustainable developmental sectors for the wellbeing of citizens and future generations he said.
Net profits of NCB grew by 19.7 percent to reach SR7.9 billion in 2013 compared to profits of 2012. Meanwhile the bank's deposits and loans grew to SR300 billion (+9.9 percent) and SR187.6 billion (+15 percent) respectively in 2013 compared to figures of 2012 according to the statement.
According to a statement the subscription to the NCB's IPO will run between Oct. 19 and Nov. 2 where the NCB fixed the price at SR45 per share.
The NCB's IPO is the second biggest IPO this year after Alibaba Group Holding and is expected to attract a big turnout from the pubic as it is considered the biggest IPO witnessed by the Kingdom and the rest of the GCC and Arab markets the statement said.
Board Chairman of the NCB Mansour Al-Maiman said the IPO would catch the interest of a big portion of the public because Saudi banking is considered one of the biggest growing sectors in addition that the bank has clear-cut strategies and a leading role to provide outstanding financial services.
Upon completion of the IPO the bank will be added to the list of 12 listed banks in the Saudi stock market and accordingly will play a leading role in the national economy and provide exceptional investments opportunities for Saudi citizens he said.
He said the NCB has in cooperation with GIB Capital and HSBC who were appointed as financial advisers and bookrunners finalized all preparations with financial and banking bodies to receive the money of potential subscribers to the NCB offer.
They included Samba Financial Group NCB Riyad Bank Arab National Bank (ANB) Saudi Hollandi Bank (SHB) Saudi Investment Bank (SIB) Banque Saudi Fransi (BSF) and Saudi British Bank (SABB).
All efforts were geared to allow subscribers to undertake the subscription process easily through bank branches and other receiving bodies Kingdomwide or through electronic means available on round-the-clock basis throughout the subscription period he said.
Al-Maiman expressed confidence over the GIB Capital and HSBC which he said are merited with financial banking and administrative experiences notably as lead managers.
He said the NCB's prospectus is available at the sites of the Saudi Capital Market Authority NCB Gulf International Bank and HSBC.
The NCB's IPO comes in a positive atmosphere following the success of economic and financial policies being adopted by the government of Custodian of the Two Holy Mosques King Abdullah toward distribution of income sources to citizens and directing of spending to sustainable developmental sectors for the wellbeing of citizens and future generations he said.
Net profits of NCB grew by 19.7 percent to reach SR7.9 billion in 2013 compared to profits of 2012. Meanwhile the bank's deposits and loans grew to SR300 billion (+9.9 percent) and SR187.6 billion (+15 percent) respectively in 2013 compared to figures of 2012 according to the statement.
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