Saudi Arabia's banks denied news over potential bank merger deals in the coming period, except for what was announced earlier on the deal between SABB Bank and Alawwal Bank.
The secretary general of the Media and Banking Awareness Committee of Saudi banks Talat Hafez said in a statement "there is no truth about news and expectations of new possible mergers among Saudi banks."
Hafiz denied the recent speculations that there is a potential for similar deals among other banks in the Kingdom outside the scope of the officially announced, and noted that such claims are completely unfounded.
He further stressed that Saudi banks follow transparency to disclose any developments and trends of their own and would announce them at the time, calling not to pay attention to the unreliable expectations that are circulating in media and social media.
Hafiz also highlighted the necessity to rely on the official sources of information.
Earlier in October 2018, the Saudi British Bank (SABB) and Alawwal bank signed a binding merger agreement to create Saudi's third largest bank.
