Arab Today, arab today banque saudi fransi proposes 25 capital increase
Last Updated : GMT 10:54:55
Arab Today, arab today
Arab Today, arab today

Banque Saudi Fransi proposes 25% capital increase

Arab Today, arab today

Arab Today, arab today Banque Saudi Fransi proposes 25% capital increase

Dubai - Agencies

Banque Saudi Fransi, part-owned by France’s Credit Agricole, has proposed a capital increase through a bonus share issue to help fund the bank’s expansion, it said in a stock exchange announcement. The 25-percent increase will see the bank’s capital raised to 9.04 billion riyals ($2.41 billion) from 7.23 billion riyals through the issue of one bonus share for every four currently held by shareholders, the statement said. The capital increase, which will be funded by the bank’s general reserve, still requires the approval of the kingdom’s regulator, the Saudi Arabian Monetary Agency, and shareholders who will meet during in the first quarter to vote on the proposal, the filing added. Banque Saudi Fransi is the fifth largest in Saudi Arabia by market capitalization. The bank posted a 22 percent rise in third-quarter profits in October, although the 760 million riyals figure was slightly below analysts’ estimates. Its shares closed at 41.80 riyals on Monday ahead of the announcement. Smaller rival Saudi Hollandi Bank, the kingdom’s eighth-largest bank by market capitalization, said in December it was planning a 20-percent capital increase to fuel growth.  

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