Wealth Management by

BSF receives green light for SR3bn capital hike

February 8, 2014 11:15 am

Banque Saudi Fransi has said it has received the regulatory approval for a SR3bn ($800m) capital increase through the issuance of bonus shares, Reuters has reported. The kingdom’s Capital Market Authority (CMA) approved the capital increase, which will be paid by transferring SR3bn from the bank’s retained earnings to its capital, it said. The bank plans to boost its capital to SR12.1bn from SR9.1bn by issuing one bonus share for every three existing shares.