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Monday, 29 May 2017

Saudi's Alawwal Bank picks JPMorgan to advise on merger -sources | Reuters

Saudi's Alawwal Bank picks JPMorgan to advise on merger -sources | Reuters:

"Saudi Arabian lender Alawwal Bank 1040.SE, 40 percent owned by Royal Bank of Scotland (RBS.L), has picked JPMorgan (JPM.N) to advise it on a proposed merger with Saudi British Bank 1060.SE (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 timeframe 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.

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