Alinma Bank hasn’t started any merger talks at this time, says CEO

Saudi-listed Alinma Bank is not looking at any mergers and acquisitions in 2019, CEO Abdulmohsen Al-Fares told Argaam in an interview today.

“Currently we are not looking at any mergers and acquisitions. But as you know, two big merger initiatives have already announced in Saudi Arabia, including the one between National Commercial Bank (NCB) and Riyad Bank (still in the early stage) and between Saudi British Bank (SABB) and Alawwal Bank,” Al-Fares said on the sidelines of the Finnovex Middle East 2019 in Dubai.

“These will add big value for financial institutions at large in the Kingdom,” he said.

He also expects the bank to post a double-digit growth in the first quarter of 2019.

“Historically, we have been growing by double digits. So the growth in the last ten years has been double digit every year.”

Write to Paromita Dey at paromita.d@argaamplus.com