Saudi Arabia's National Commercial Bank is poised to appoint JPMorgan to serve as an adviser on its merger talks with Riyad Bank, Reuters reported Jan. 17, citing sources familiar with the matter.
The appointment is subject to the approval of National Commercial Bank's board, the sources said.
The potential tie-up will create an entity with about 685.05 billion riyals in assets, making it the third-largest lender in the Gulf region by that measure, according to S&P Global Market Intelligence data.
The two lenders began preliminary merger talks in December 2018. Riyad Bank has reportedly picked Goldman Sachs to advise it on the deal.
As of Jan. 17, US$1 was equivalent to 3.75 Saudi riyals.