The Saudi Investment Bank (SAIB) has denied entering into any merger or acquisition discussions with any party, the bank said in a statement to the Saudi stock exchange Tadawul on July 1.
The announcement comes in compliance with Article 78(d) of the Securities Offering Rules and Continuing Obligations issued by the Capital Market Authority, the bank said.
This denial follows recent media speculation about Kuwait Finance House's intention to purchase a stake in SAIB. The Kuwaiti bank had previously refuted these rumours.
SAIB's shares fell by 1% in July 1 morning trading following the disclosure that it was not engaged in any merger or acquisition talks.
The bank's statement aims to clarify its position amidst market rumours and maintain transparency with its shareholders and the wider market.
This development highlights the ongoing interest in potential consolidation within the Gulf's banking sector, even as major players deny specific discussions.
Related Articles
Saudi Arabia SIC and Lendo launch investment programme to finance industrial facilities
The Saudi Industrial Fund Investment Company (SIC) and Saudi crowdfunding platform Lendo have launched an investment programme worth up to SAR200mn ($53.3mn) aimed at providing working capital ... more
Saudi Public Investment Fund expands European presence with Paris office
Saudi Arabia's Public Investment Fund (PIF) has opened a new office for a subsidiary in Paris as part of its international expansion strategy, Al Eqtisadiah reported on May 19. The Paris office ... more
Egypt examines LNG supply offers from Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy
Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more