The National Commercial Bank (SASE:1180) and Riyad Bank (SASE:1010) are seeking advisers for a potential merger, according to people with knowledge of the matter. The banks have sent out so-called request for proposals to firms including Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and UBS Group AG, the people said, asking not to be identified because the matter is private.

Credit Suisse, Citigroup, Goldman Sachs, UBS and the Public Investment Fund declined to comment. JPMorgan, HSBC, National Commercial Bank and Riyad Bank didn't immediately respond to requests for comment.