VOL. XLVI

No 2

13-January-2003

SAUDI ARABIA

Saudi Government Increases Stake In NCB, Say Reports

The Saudi Government has been reported to have increased its stake in National Commercial Bank (NCB), the kingdoms largest bank, from 50% to 80% following an agreement between the states Public Investment Fund (PIF) and al-Mahfouz family two months ago to purchase the familys remaining 30% stake in NCB. The PIF bought its 50% stake in NCB from al-Mahfouz family in 1991 worth around $2.4bn and later...