SNB eyes global acquisitions backed by PIF – Bloomberg

Saudi Arabia is working on a strategic plan backed by Public Investment Fund (PIF) to expand Saudi National Bank (SNB) business in global markets through overseas acquisitions.

The Saudi lender whose market value outpaces $82 billion plans to expand presence outside the Kingdom especially in European and Asian markets, people with knowledge of the matter told Bloomberg.

The people said that SNB officials are brainstorming potential targets of acquisitions over the next few months.

They added that some Wall Street advisory firms offer acquisition opportunities in emerging markets.

Bloomberg told that DBS Bank, the largest financial service group in Southeast Asia is among targeted names.

Saudi National Bank, formed from the merger of National Commercial Bank and SAMBA Financial Group with efforts by PIF, plays its role overseas of contributing to the Kingdom’s Vision 2030 program.