Saudi banks seek advisers for mega merger

Two Saudi banks, National Commercial Bank and Riyad Bank, are searching for advisers ahead of their planned merger.

The two firms have sent out requests for proposals to a number of global investment banks including Citigroup, Credit Suisse, Goldman Sachs, HSBC, JP Morgan and UBS, according to Bloomberg.

The advisers are expected to be finalised by the end of January.

The deal would create the region’s third-biggest lender with more than $180 million in assets and has been described as the biggest bank merger for three years.

Saudi sovereign wealth fund, the Public Investment Fund, which owns 44% of NCB and 22% of Riyad bank, has given the deal its blessing.

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