Kuwaiti bank in talks for majority stake in TASI-listed bank: Report

Kuwait Towers

A Kuwaiti bank is negotiating to acquire a controlling stake of up to 50% in a Saudi bank listed on the Tadawul All Share Index (TASI), Al Rai newspaper reported, citing sources.

The negotiations have reached advanced stages, the sources said, adding that the value of the deal may reach $1.7 billion.

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The flexible negotiations currently focus on determining the final target share, according to the sources.

The current negotiations are part of stages that include regulatory approvals in Kuwait and Saudi Arabia to conclude the deal, in addition to the due diligence on the target bank before approving the deal.