Riyad Bank is one of the largest financial institutions in

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the List of Asian countries by area, fifth-largest country in Asia ...

, ranked fourth in assetsFour Charts That Show the Impact of Saudi Arabia's New Mega Bank
''Bloomberg'' It was established in 1957. The Saudi government owns 51% of the shares of the firm. As other Saudi commercial banks, Riyad Bank is supervised by the Saudi Central Bank. In March 2018, Riyad Bank launched contactless payment wristbands, using the Gemalto digital security solution. In December 2018, Riyad bank went into preliminary discussions with National Commercial Bank (NCB), the country's biggest lender by

assets In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ...

, to study a merger plan. After three weeks Riyad Bank hired Goldman Sachs to advise on the merger that would create the largest bank in the kingdom with $182 billion in combined assets.Saudi’s Riyad Bank selects Goldman to advise on merger talks with NCB
''Gulf Business''

References

1957 establishments in Saudi Arabia Banks established in 1957 Companies listed on Tadawul Companies based in Riyadh Islamic banks of Saudi Arabia Banks of Saudi Arabia {{SaudiArabia-company-stub

See also

References