BofA: National Commercial Bank: Potential Acquisition of Samba could be Highly value creative: Upgrade to Buy

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National Commercial Bank: Potential Acquisition of Samba could be highly value creative: Upgrade to Buy

• We double upgrade NCB to Buy from Underperform. We see potential merger with Samba as 7-10% EPS accretive by end of 2022
• Potential merger with Samba harbours sound strategic rationale with strong scope for cost and revenue synergies