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NCB, Riyad Bank in talks for merger of $182bn in assets

NCB, Riyad Bank in talks for merger of $182bn in assets
The merger could create the third-biggest lender by assets in the GCC
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Mubasher: National Commercial Bank (NCB) has started initial negotiations with Riyad Bank for a possible merger that would create an asset base of $182 billion for this entity, Bloomberg reported.

Although the talks may not result in a deal, NCB said it has coordinated the move with the central bank, Bloomberg said, adding that this merger is not expected to result in forced dismissal of staff.

The Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, owns about 44% of NCB and 22% of Riyad Bank, according to data compiled by Bloomberg.

If negotiations result in the merger, the agreement could create the third-biggest lender by assets in the GCC, according to data by Bloomberg.