NCB, Riyad Bank back out of merger negotiations

The board of directors of National Commercial Bank (NCB) and Riyad Bank agreed to back out of their merger negotiations.

Riyad Bank said in a bourse filing that its strategic vision will enable it to continue developing its products, services and technologies that serve the interests of its customers, shareholders and employees and enhance its leadership and competitive position.

On the other hand, NCB’s board of directors affirmed its commitment to achieving its vision of being the regionally leading financial services group by implementing its sustainable growth strategy that aims to provide excellent services to its customers and achieve the best returns for its shareholders by attracting the best national skills and advanced technologies.

Both banks started initial merger talks by the end of last year, according to data compiled by Argaam.