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Banque Saudi Fransi has received regulatory approval for a 3 billion riyal ($800 million) capital increase through the issuance of bonus shares, it said in a bourse statement.
The bank, which last month posted its lowest quarterly net profit in at least five years on the back of higher operating expenses, plans to boost its capital to SR12.1 billion from SR9.1 billion by issuing one bonus share for every three existing shares.
Saudi Arabia’s Capital Market Authority approved the capital increase, which will be paid by transferring SR3 billion from the bank’s retained earnings to its capital, it said.
Saudi Fransi had made a net profit of SR274 million in the three months to Dec. 31, a 66.1 percent slump on the same period a year earlier.
Banque Saudi Fransi (BSF) has launched an independent investigation into alleged irregularities linked to the payment of employee bonuses. A senior director at the bank, Mohamad Abdulhadi, has retire
Saudi Arabia’s financial regulator said on Wednesday it is monitoring measures taken by the board of Banque Saudi Fransi to address “deficiencies” in governance.
The Saudi Arabia Monetary
The head of Banque Saudi Fransi’s corporate bank is leaving the bank, sources familiar with the matter said.
Mohamad Abdulhadi, senior executive director at the Saudi lender partly owned b
The Saudi Arabian Mining Company (Ma’aden) signed a Phosphate fertilizer supply contract with Bangladesh Agricultural Development Corporation (BADC). The contract stipulates that Ma’aden will supply
Deyaar Development, a UAE-based property development company, has inked a deal with Huawei to supply residents of its properties with technology and smart home products, the company said on Sunday. <
Kuwait Finance House (KFH) won “Islamic Bank of the Year 2017 – Global” Award from the Banker Magazine, an international financial affairs publication owned by The Financial Times. The bank also won
Emaar Properties EMAR.DU expects to sell a 20 percent stake in its real estate development business next month in an initial public offering, it said on Sunday, with the smaller than anticipated sale
Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s largest lender, reported a 8.4 percent rise in third-quarter net profit on Sunday, helped by a fall in expenses and provisions for bad loa