Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
HSBC Holdings PLC and Royal Bank of Scotland Group PLC's Saudi Arabia ventures are exploring a potential merger to create the kingdom's third-largest lender with $78 billion in assets. Alawwal Bank, which is 40 percent owned by RBS, plans to start initial talks with HSBC's Saudi British Bank, according to a statement on the Saudi stock exchange website Tuesday. Samba Financial Group merged with United Saudi Bank in 1999, creating one of the largest regional financial institutions at the time, of which Citigroup owned 23 percent, according to Samba's website. Saudi Arabia is currently home to about 33 million people and 26 banks – 12 local and 14 foreign lenders.Alawwal and SABB also have large common shareholders, with the billionaire Olayan family holding about 22 percent in Alawwal and about 17 percent in SABB, according to data compiled by Bloomberg.
FOLLOW THIS ARTICLE