UPDATE 1- #SaudiArabia's biggest bank NCB in merger talks with rival Riyad | Reuters

UPDATE 1-Saudi Arabia's biggest bank NCB in merger talks with rival Riyad | Reuters:

Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s biggest lender by assets, has begun preliminary discussions to merge with smaller rival Riyad Bank, the two lenders said on Monday.

A merger would further extend NCB’s lead over its closest rivals including Al Rajhi Bank, by boosting its assets by almost a third to 685 billion riyals ($183 billion)

The move comes two months after Saudi British Bank (SABB) and smaller rival Alawwal Bank agreed a binding deal to create Saudi Arabia’s third-biggest lender in the first major tie-up for the country’s banking sector in recent times.