Riyadh – Mubasher: The boards of the National Commercial Bank (NCB) and Riyad Bank have mutually agreed to end initial negotiations about a potential merger between the two banks.

NCB announced in a statement to the Saudi Stock Exchange (Tadawul) on Monday that the two banks will end merger talks, thanking Riyad Bank and all involved parties and vowing to maintain its commitment to sustainable growth and expansion plans.

Similarly, Riyad Bank disclosed the development in a statement to Tadawul, thanking NCB and all involved parties, stressing that its strategy will help develop better products, services, and technologies.

Last year, NCB and Riyadh began talks for a possible merger that would have created an asset base of around $182 billion.