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Goldman Sachs in Saudi JV

Goldman Sachs Group and National Commercial Bank have agreed to set up an investment banking and asset management unit to tap business in the oil-producing country. 'Goldman Sachs and Al Ahli Financial Company intend to cooperate on a number of areas of activity inside the kingdom and also on areas of activity linked to the kingdom abroad,' National Commercial Bank said in a statement.

'The memorandum of understanding also provides for the participation of Goldman Sachs in the capital of Al Ahli Financial Company,' the lender said. The world's largest investment bank will own as much as 40 per cent of Al Ahli Financial, said an NCB official. 'It will not exceed 40 per cent.' (Reuters)
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