Saudi’s biggest bank shuts branches
The National Commercial Bank (NCB), Saudi Arabia’s largest bank, with assets totaling $119.8 billion, has decided to close its two Lebanese branches.
NCB Lebanon, known as the Saudi National Commercial Bank (SNCB), provided its services mainly to Saudis, Lebanese expatriates working in Saudi Arabia and Lebanese who have business deals with the Kingdom.
SNCB does not currently have loans in the local market, according to a source at the bank, which said that the portfolio has not been sold to another local bank as it is generally the case. Deposits will be returned to the clients. The bank will terminate its operations in accordance with applicable legal procedures, the source said. The bank’s employees who numbered 25 at the end of 2014 are now 13.
SNCB’s total assets stood at $90.3 million at the end of 2014, while deposits reached $59.9 million, according to Bilanbanques 2015. It was ranked in the fortieth position in terms of total deposits, among 49 commercial banks. The bank has a branch in the Beirut Central District and another one in Hazmieh.
Reported by Shikrallah Nakhoul
Date Posted: Feb 18, 2016