Bloomberg/Simon Dawson

Saudi's NCB in merger talks with rival Riyad Bank

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The move comes two months after Saudi British Bank (SABB) and Alawwal Bank agreed a binding deal to create Saudi Arabia's third-biggest lender.

Tuesday 25, December 2018 BY KUDAKWASHE MUZORIWA

Saudi Arabia's National Commercial Bank (NCB) has begun preliminary discussions to merge with smaller rival Riyad Bank.

In a statement, NCB stated that any agreement would be subject to regulatory and shareholder approvals, and there would be no forced job losses.

If the merger is successful, it will further extend NCB's lead over its closest rivals including Al Rajhi Bank, by boosting its assets by almost a third to SAR 685 billion ($183 billion).

Both lenders have a common shareholder in the Kingdom’s Public Investment Fund (PIF), the sovereign wealth fund owns 44 per cent of NCB and 22 per cent of Riyad Bank, reported Reuters.

TAGS : NCB, Saudi Bank merger, Riyad Bank, PIF, Vision 2030

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