Saudi lenders can’t find buyers

RIYADH: Saudi Arabia is about to cast off its oil-dependence, build brand-new industries and open its economy to foreign investment, according to the government. That might make it a good time to buy into a Saudi bank. And substantial stakes in two of them are up for sale.

But in both cases, it’s international lenders who are seeking to get out – and there are no big-name global banks eager to buy, according to analysts and people familiar with the transactions; what interest there is comes from local or regional groups. That reflects concerns about prospects under Saudi Arabia’s ambitious reform programme, as deputy crown prince Mohammed bin Salman cuts back the government spending that’s traditionally buoyed the economy.