#SaudiArabia Eyes Bold Global Acquisitions for $82 Billion Bank - Bloomberg

Saudi Arabia Eyes Bold Global Acquisitions for $82 Billion Bank - Bloomberg

Saudi Arabia is working on an ambitious plan to give the kingdom’s biggest bank a global footprint through major overseas acquisitions, people with knowledge of the matter said.

The oil-rich country wants Saudi National Bank, the lender with a market value of $82 billion created through a merger more than a year ago, to boost its presence outside the kingdom, according to the people. The bank has been studying potential purchases of financial institutions in Europe and Asia, the people said, asking not to be identified because the information is private.

Saudi National Bank executives have been brainstorming about potential targets and aim to present the contours of a dealmaking strategy to the board in the next few months, the people said. The lender could make major acquisitions with backing from its largest shareholder, the Saudi sovereign wealth fund, according to the people.

Wall Street advisory firms, excited at the prospect of a deep-pocketed buyer hunting for cross-border deals, have already started pitching opportunities ranging from a takeover of Credit Suisse Group AG to a purchase of emerging markets-focused Standard Chartered Plc, the people said. DBS Group Holdings Ltd., Southeast Asia’s largest bank, and Swiss wealth manager Julius Baer Group Ltd. have also been mooted as possibilities, the people said.