We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 24 Dec 2014 10:30 AM

Font Size

- Aa +

Saudi British Bank plans bonus share issue to boost capital by 50%

Board of HSBC Holdings affiliate recommends move to increase capital to $4bn

Saudi British Bank plans bonus share issue to boost capital by 50%
Saudi British Bank is an affiliate of HSBC Holdings.

The board of Saudi British Bank, an affiliate of HSBC Holdings, has recommended boosting the bank's capital by 50 percent to 15 billion riyals ($4 billion) through an issue of bonus shares, it said on Wednesday.

One bonus share would be issued for each two shares held, increasing the number of the bank's outstanding shares to 1.5 billion from 1 billion.

The capital increase, designed to aid growth of the bank's business, would be funded with 2.5 billion riyals from its retained earnings and 2.5 billion riyals from its statutory reserve.

The eligibility date for the bonus shares will be decided during an extraordinary general assembly meeting in the first quarter of 2015, the bank said.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.