Saudi Arabia to sell 15% stake in NCB

March 2, 2014 12:19 am

Saudi finance minister, Ibrahim Al-Assaf has said the country’s state-owned Public Investment Fund (PIF) will sell its shares in the National Commercial Bank (NCB) worth 25% of the bank’s capital, Arab News has reported. The sale, which will be carried out in two phases, will see the PIF sell 15% to citizens through an initial public offering in the first phase, with 10% to be allocated to the Pension Fund in the second part, said the minister. The IPO plan would be presented to the Capital Market Authority in the third quarter of 2014, Al-Assaf said. NCB owns 90.71% of investment firm NCB Capital and has a 66.27% stake in Turkiye Finans Katilim Bankasi, an Islamic bank in Turkey.