VOL. XL

No. 14

7-April-1997

SAUDI ARABIA

NCB Becomes A Joint Stock Company

Meanwhile, the largest bank in the Kingdom, National CommercialBank (NCB), said on 1 March that a royal decree had given approval through the Council ofMinisters for a change in the bank's legal status from that of a partnership to a jointstock company. In the process, Mr. Khalid bin Mahfuz, who with his wife owns 100% of NCB'sshares, will sell an undisclosed stake to between 15 and 20 shareholders. The sale ofshares...