Alawwal Bank said to pick JPMorgan as merger advisor

Alawwal Bank, which is 40 percent owned by Royal Bank of Scotland, has picked JPMorgan to advise on a proposed merger with Saudi British Bank (SABB), Reuters reported, citing unnamed sources.

SABB selected another advisor, whose identity remained undisclosed, the sources added.

Senior management of both lenders held talks with advisers to discuss the principle of the merger and the timeframe for its completion.

In April, SABB and Alawwal announced starting talks over a merger that could create the kingdom's third biggest bank with assets of nearly $80 billion, Argaam reported.