Saudi Arabia’s largest lender by assets, National Commercial Bank (NCB) and Riyadh Bank have announced ending the initial merger negotiations.
“The boards of directors of both banks agreed to end the initial discussions and discontinue studying the merger of the two banks,” the banks said in a statement on Tadawul.
The preliminary merger talks started towards the end of last year and could have created a $183 billion worth of assets combined entity.
The GCC region has seen a rising wave of mergers and acquisitions in the financial services industry with the aim to raise efficiencies of the sector that is seen as ‘overcrowded’
Source - Zawya