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Report: Goldman Sachs to advise Riyad Bank on merger talks with NCB

Riyad Bank has hired Goldman Sachs Group to serve as an adviser on its merger talks with Saudi Arabia-based peer National Commercial Bank, Reuters reported Jan. 14, citing two sources familiar with the matter.

The potential tie-up would create the third largest lender in the Gulf region by assets, according to S&P Global Market Intelligence data.

Goldman Sachs also served as an adviser to Saudi British Bank, which in October 2018 signed a binding agreement to merge with Alawwal Bank, Reuters noted.

National Commercial Bank is also weighing proposals after several banks, including U.K.-based HSBC Holdings and U.S.-based Citigroup Inc., pitched to land advisory roles for the potential deal, sources told the newswire.