Saudi National Bank, with backing from its largest shareholder, the Public Investment Fund, is looking to make big acquisitions in Europe and Asia.
Executives of the Kingdom’s biggest bank have been eyeing up potential targets and will present the outline of a new strategy to the board in the next few months, the people said, asking to remain anonymous for information privacy.
The lender, which has a market value of $82 billion, will only start analyzing potential targets in detail following the outcome of that review, according to media reports.
Wall Street advisory firms have already started pitching opportunities ranging from a takeover of Credit Suisse Group AG to a purchase of emerging markets-focused Standard Chartered, the people added.
DBS Group Holdings, Southeast Asia’s largest bank, and Swiss wealth manager Julius Baer Group are also among possibilities, the people said.
