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30/05/2017 02:26 AST
Saudi Arabian lender Alawwal Bank, 40 per cent owned by Royal Bank of Scotland, has picked JPMorgan to advise it on a proposed merger with Saudi British Bank (SABB), sources familiar with the matter told Reuters on Monday.
Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and time frame for its completion, one of the sources said.
SABB has selected another, undisclosed adviser for the transaction, the sources added. Nobody was available to comment at Alawwal, while SABB and JPMorgan declined to comment.
SABB and Alawwal said on April 25 they had agreed to start talks on a merger that could create the kingdom's third biggest bank with assets of nearly $80 billion.
British banks are the biggest shareholders in both lenders.
RBS acquired a 40 per cent stake in Alawwal when it bought ABN AMRO in 2007. RBS has been trying sell the stake for a number of years as it retreats from international operations.
HSBC Holdings owns 40 per cent of SABB, which is the kingdom's sixth largest bank by assets.
Although the time frame for the merger has yet to be agreed, one of the sources said the accounts of the two banks could be consolidated by the end of 2017, but the merger would take longer.
Gulfnews
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
29/11/2016
Saudi Hollandi Bank, the kingdom's oldest lender, said it has rebranded to Alawwal Bank (The First in Arabic).
The name change marks the start of a transformation that will see the bank bu
Trade Arabia
28/11/2016
Saudi Hollandi Bank on Sunday (Nov. 27) announced that it has rebranded its name to Alawwal Bank which means "first bank" in English. On that occasion, there was a panel discussion between Managing D
Saudi Gazette
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10/03/2025
Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
The Peninsula
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
10/03/2025
Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+
Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
Trade Arabia
Financial Information Co.
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