Al Rajhi Bank said it is in talks for a potential merger of its fully owned subsidiary in Malaysia with a state-backed financial institution in the Asian country. The possibility of combining the balance sheets of Al Rajhi Banking and Investment Corporation (SASE:1120) and Malaysian Industrial Development Finance Berhad are at early stages, the Saudi lender said in a statement on January 13, 2019 to the Saudi stock exchange, where its shares are traded. Al Rajhi has received preliminary approvals from the Saudi Arabian Monetary Authority and Malaysian regulator Bank Negara, it said. If an agreement is achieved, it will still be subject to various conditions.