Saudi’s Alawwal Bank picks JPMorgan to advise on merger -sources

Saudi Arabian lender Alawwal Bank , 40 percent owned by Royal Bank of Scotland, has picked JPMorgan to advise it on a proposed merger with Saudi British Bank (SABB), sources familiar with the matter told Reuters on Monday. Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and timeframe for its completion, one of the sources said.