Saudis Said to Seek Advisers for Biggest Bank Merger Since 2016 - Bloomberg

Saudis Said to Seek Advisers for Biggest Bank Merger Since 2016 - Bloomberg:

National Commercial Bank and Riyad Bank are seeking advisers for a potential merger that would create the Gulf region’s third-biggest lender with $182 billion in assets, according to people with knowledge of the matter.

The banks have sent out so-called request for proposals to firms including Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and UBS Group AG, the people said, asking not to be identified because the matter is private.

Formal advisers for the deal, which could be biggest bank merger for almost three years, could be appointed this month, the people said. The proposed combination has the backing of the Public Investment Fund, the sovereign wealth fund that owns about 44 percent of National Commercial Bank and 22 percent of Riyad Bank, the people said. No final decisions have been made and the banks may choose other advisers, they said.