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Wed 3 Sep 2014 01:44 PM

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Saudi's largest lender said to eye 15% stake sale

National Commercial Bank is reportedly looking to sell stake on the Saudi Stock Exchange in Q4

Saudi's largest lender said to eye 15% stake sale

Saudi Arabia’s largest lender by assets is reportedly looking to sell a 15 percent stake on the Saudi Stock Exchange in the fourth quarter of 2014.

National Commercial Bank has submitted plans for the initial public offering to the Capital Market Authority, Bloomberg reported on Wednesday, citing unnamed sources.

The regulator may fast-track the approval so that the share sale can take place before year’s-end, the report said.

The IPO is set be the country’s largest since Saudi Telecom Co raised $3.92 billion in 2002, Bloomberg added.

NCB said in April that it had appointed HSBC Holdings and Gulf International Bank as financial advisers on the deal.

In July, National Commercial Bank posted a 22 percent jump in second-quarter net profit.

The bank made SR2.425 billion ($647 million) in the three months to June 30, compared with SR1.99 billion in the corresponding period of 2013.

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