Saudi’s Riyad Bank picks Goldman to advise on talks with NCB, say sources
The bank and the kingdom’s biggest lender by assets said in December they had begun talks on a potential merger
Dubai — Saudi Arabia’s Riyad Bank has chosen Goldman Sachs to advise on its merger talks with National Commercial Bank (NCB), say two sources familiar with the matter. NCB, the kingdom’s biggest lender by assets, and Riyad Bank said in December they had begun preliminary talks to potentially create a combination with $183bn in assets. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and the government are major shareholders in both banks. Riyad Bank did not immediately respond to a request for comment, while Goldman Sachs declined comment. Goldman also advised Saudi British Bank, which in October 2018 signed a deal to merge with rival Alawwal Bank to create Saudi Arabia’s third-biggest lender with a market capitalisation of about $17.2bn. NCB is also considering proposals after more than half a dozen banks including HSBC and Citigroup pitched for an advisory role last week, sources familiar with the matter said. The banks were not immediately available for comment. ...
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