Financial and Banking News
Riyad Bank to Quadruple Capital
An extraordinary general assembly of Riyad Bank on 29 February decided toincrease the bank's paid-in capital from SR50mn to SR200mn ($53.4mn). Athree-for-one bonus issue will distribute the new shares and be paid from thebank's accumulated reserves. At the same time, the bank is reducing the facevalue of its shares from SR1,000 ($267) to SR100 ($26.70). Riyad Bank had totalshareholders' funds...