VOL. XL

No. 38

22-September-1997

SAUDI ARABIA

Shareholders Endorse USCB And Saudi Cairo Merger

The merger of United Saudi Commercial Bank (USCB) and Saudi Cairo Bank was formallyendorsed in Riyadh on 13 September at an extraordinary meeting of the general assembliesof the two banks. The new entity's name will be Saudi United Bank and its capital ofSR2.45bn ($653mn) will make it the third largest in the Kingdom. The merger has been inthe pipeline since mid-1996, when Prince al-Walid ibn Talal,...