Friday, 24 September, 2021
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Saudi banks seek advisers for merger

Saudi banks seek advisers for merger

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LONDON: National Commercial Bank and Riyad Bank are seeking advisers for a potential merger that would create the Gulf region's third-biggest lender with US$182 billion in assets, according to people with knowledge of the matter.

The banks have sent out so-called request for proposals to firms including Citigroup Inc, Credit Suisse Group AG, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co and UBS Group AG, the people said, asking not to be identified because the matter is private, report agencies.

Formal advisers for the deal, which could be biggest bank merger for almost three years, could be appointed this month, the people said.