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Saudi Arabia’s NCB in Preliminary Merger Talks with Riyad Bank

Saudi Arabia’s National Commercial Bank (NCB) and Riyad Bank have begun preliminary discussions to study the possibility of a merger. (AFP)
Saudi Arabia’s National Commercial Bank (NCB) and Riyad Bank have begun preliminary discussions to study the possibility of a merger. (AFP)
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Saudi Arabia’s NCB in Preliminary Merger Talks with Riyad Bank

Saudi Arabia’s National Commercial Bank (NCB) and Riyad Bank have begun preliminary discussions to study the possibility of a merger. (AFP)
Saudi Arabia’s National Commercial Bank (NCB) and Riyad Bank have begun preliminary discussions to study the possibility of a merger. (AFP)

Saudi Arabia’s National Commercial Bank (NCB) and Riyad Bank have begun preliminary discussions to study the possibility of a merger, an important step in the financial sector in the country.

The NCB said in a press statement on Saudi Tadawul website Monday that entering into these discussions does not necessarily mean that the merger will take place between the two parties.

It further added that any agreement would be subject to regulatory and shareholder approvals of both banks, and there would be no forced job losses.

The National Bank pointed out that coordination with the Saudi Arabian Monetary Agency (SAMA) regarding the merger requirements was initiated before the start of these talks. However, it explained in the press statement that "formal approvals are still required before the merger is completed."

NCB indicated that any future developments will be announced in a timely manner, confirming that shareholders will be informed of any upcoming developments in this regard.

Riyad Bank also announced its board of directors’ approval to start preliminary discussions with NCB regarding the merger of the two banks.

If completed, the merger will lead to a very strong capital structure with each bank’s capital reaching about $8 billion.

The announcement of merger discussions follows the signing of a binding merger agreement in October by Saudi British Bank (SABB) and al-Awwal Banks.

The Financial Sector Development Program 2020, recently announced by Saudi Arabia, is a new global model for exploring development and overcoming challenges, thus creating a very strong financial sector in all its details in line with Vision 2030.

The Program, is one of the 12 executive programs launched by the Council of Economic and Development Affairs (CEDA) to achieve the objectives of Vision 2030. It seeks to develop the financial sector as a diversified and effective financial services sector to support the development of the national economy by stimulating savings, finance and investment.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.