Saudi Investment Bank (SAIB) is not holding any discussions on mergers or acquisitions, the bank said in a statement to the Saudi stock exchange on Monday.

The disclosure was in line with Article 78 (d) of the Rules on the Offer of Securities and Continuing Obligations issued by the Capital Market Authority.

Bloomberg reported last week that Kuwait Finance House (KFH) was reportedly exploring the purchase of a ‘significant’ stake in SAIB.

Last week, the Kuwait Finance House (KFH) confirmed in a statement on Borsa Kuwait that it was conducting studies on potential expansion across Saudi Arabia.

In May, SAIB posted Q1 net profits of 442.40 million Saudi Arabian riyals ($117.92 million), indicating an 8.19% uptick from SAR 408.90 million reported in Q1 2023.

(Editing by Seban Scaria seban.scaria@lseg.com )