RIYADH: Saudi lender Bank Albilad’s general assembly approved the board of directors’ recommendation to increase its capital by 33.3 percent through the issuance of bonus shares.
The bank’s capital is set to increase to SR10 billion ($2.6 billion) from SR7.5 billion, according to a bourse filing.
The recommendation seeks to increase the Bank’s financial solvency and keep its resources in operational activities.
Additionally, the bank has been granted approval to pay SR3.5 million in remuneration to its board members of SR320,000 per member for 2021.