Saudi Arabia’s NCB to increase capital by SR5bn

April 2, 2014 9:31 am

Saudi Arabia’s biggest bank by assets, National Commercial Bank has unveiled plans to boost its capital by SR5bn ($1.3bn) through conversion of its retained earnings into capital, Reuters has reported. The announcement comes one month after the Saudi government said it planned to float 15% of the state-owned bank on the stock exchange later this year in an initial public offer, the kingdom’s first bank IPO since 2008. Shareholders had approved the plan to increase the bank’s capital to SR20bn through the issuance of 500 million new shares, said Mansour al-Maiman, secretary-general of Saudi Arabia’s Public Investment Fund and chairman of NCB’s board.