Shares of Tadawul-listed Riyad Bank hit a four-year high after confirmation that the lender is in talks with National Commercial Bank for a possible merger.

 

Riyad Bank was last trading at SAR 19.60 a share, up nearly 6 percent to its highest level since November 2014.

 

National Commercial Bank was also trading up 1.38 percent at SAR 47.60.

 

NCB, the Kingdom’s largest bank in terms of assets, said it has started initial talks with Riyad Bank for a possible merger. The discussions are at an initial stage and may not result in a merger, NCB said in the statement to Tadawul.

 

The Public Investment Fund (PIF) currently owns about 44 percent of NCB and 22 percent of Riyad Bank.

 

The announcement of merger negotiations comes after Tadawul-listed Saudi British Bank (SABB) and al-Awwal Bank signed a binding merger agreement in October.

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