Bloomberg/Waseem Obaidi

Halal Business

SAMA Governor does not see more bank mergers

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The National Commercial Bank (NCB) hired JPMorgan Chase to advise on its proposed tie-up with Riyad Bank that would create the Gulf’s third-largest lender with $182 billion in assets.

Sunday 24, February 2019

The Governor of Saudi Arabia Monetary Authority (SAMA) said that he does not see more bank mergers for the time being beyond those already announced, reported local daily, Arab News.

The NCB-Riyad Bank tie-up came two months after Saudi British Bank (SABB) and Alawwal Bank agreed a binding deal to create Saudi Arabia’s third-biggest lender in the first major tie-up for the country’s banking sector in recent times.

Additionally, the Governor said that he does not expect deflation in the Kingdom owing to consumer demand and real estate loans.

Ahmed Al-Kholifey, the Governor of SAMA, said, “I do not think there will be any deflation, all data reflect optimism, we will soon publish real estate financing and you will see a big leap, and as you know real estate is one of the main drivers, as for the consumer sector it is active,” he said.

TAGS : SAMA, Saudi British Bank, Alawwal Bank, National Commercial Bank, Riyad Bank

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