Alinma Bank chief says open to merger opportunities

Alinma Bank would be open to a merger if a deal adds value for shareholders, its chief executive officer, Abdulmohsen Al-Fares, said in an interview with Bloomberg TV on Tuesday.

However, Al-Fares ruled out the bank has any merger talks at present.

“Mergers and acquisitions are part of the Kingdom’s growth drive; so we are working and looking at it closely. I believe Alinma Bank will have many opportunities, but at the moment there is no dialogue whatsoever in that direction,” Al-Fares added.

Alinma increased its provisions to SAR 2.3 billion, with a loan coverage ratio of 180 percent, upon the implementation of the IFRS 9.