Saudi National Bank (SNB) is looking to make major acquisitions to expand its footprint outside the Kingdom, Bloomberg reported citing people familiar with the matter.

The lender, with a market value of $82bn, is eyeing financial institutions in Europe and Asia, the sources revealed.

SNB executives are discussing potential targets for acquisition and are expected to present a plan to the board in the next few months.

Saudi’s sovereign wealth fund, the Public Investment Fund, which is SNB’s largest shareholder, could support it in the deal.

SNB was established by merging National Commercial Bank and Samba Financial Group.

It was created to fulfil the goals for financial services envisioned in the Saudi Vision 2030 plan.

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Saudi’s sovereign wealth fund, the Public Pension Agency and the General Organisation for Social Insurance together own 50% of the lender, which went live on 1 April 2021.

The potential targets suggested by the advisory firms include Credit Suisse Group, Standard Chartered, DBS Group Holdings and Julius Baer Group.

The Saudi Arabian lender is conducting a review of areas of operations it plans to strengthen and will decide once the review is complete, the people said adding that it is not clear if it will go for major acquisitions or acquire smaller peers or focus on growing organically.

Notably, SNB’s lack of experience in foreign markets and regulatory processes could also hinder the plans.