Saudi bankers welcome merger with Gulf, Arab banks
Regional, Business, 1/11/1999

A Senior official in the Saudi commercial Al-Ahli bank has welcomed merger with any Gulf or Arab bank as long as full harmony in future perceptions and planning is provided.

This welcome was echoed on Sunday by the Director General of the Al-Ahli bank for banking transactions Saleh Al-kaaki in a news statement in support of a possible merger between the Saudi-American and United Saudi banks which was announced last week.

The two banks declared a merger in two to three months period, a step described as the largest merger operation in the history of the area.

The capital of Al-Ahli bank, which shifted from a family bank into a closed share company (KSC) last year, is estimated at nearly 1.6 billion dollars, while the capital of the Saudi American and united Saudi banks are estimated at nearly 1.28, becoming the second largest bank after Al-Ahli.

Kaaki said the merger between two Arab or Gulf banks was a good decision, and would enhance performance of these banks locally and internationally.

He added that such a step would enable these banks to confront belligerent competition in the banking markets which would be paved by the liberation of banking and monetary trade in light of the world trade organization (WTO).

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