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.
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