Deals
Saudis to Explore More Bank Mergers Post $5 Billion Deal
- National Commercial Bank in merger talks with Riyad Bank
- Sovereign wealth fund is mulling potential mergers among banks
The offices of the Saudi British Bank in Dhahran, Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia is exploring potential mergers to boost its financial services industry after the combination of Saudi British Bank and Alawwal Bank, according to people with knowledge of the matter.
The kingdom’s main sovereign wealth fund, which owns stakes in some of the biggest lenders, is weighing which banks could be merged to increase scale and competition, the people said, asking not to be identified because the talks are private. Authorities are also likely to look favorably upon potential mergers among banks outside the state’s control.