Al Rajhi Bank’s capital increase to support strategies, expansion plans of financing portfolio: Chairman

Abdullah Al Rajhi Chairman of Al Rajhi Bank

Abdullah Al Rajhi Chairman of Al Rajhi Bank, said the planned capital increase will support the bank’s capital position and financial solvency which will help the bank deliver its strategic goals and continue to grow its financing and investment portfolios to support the national economy and the Kingdom’s Vision 2030 objectives.

Al Rajhi Bank will continue to offer financial solutions to its retail and corporate clients as well as the small and medium-sized enterprises (SMEs) participating in capital market activities, he added in a statement received by Argaam. 

“This step is also consistent with the Kingdom’s Vision and the government's aspirations to build and develop a financial sector that supports the economic developments and the Kingdom's global and regional position as a leading economy,” Al Rajhi added.  

Al Rajhi Bank’s board of directors recommended raising capital to SAR 40 billion from SAR 25 billion through a 60% bonus issue, or three shares for every five shares held, Argaam reported.