Financial and Banking News
Saudi French Bank to Raise Capital; Indosuez Will not Subscribe
Riyadh-based Al-Bank Al-Saudi Al-Fransi is to raise SR1,140mn in a publicshare flotation which will begin on 5 December. Paid-in capital will be furtherstrengthened by a bonus share issue funded from reserves. The net result is thatpaid-in capital will increase to SR900mn from SR400mn. However, the bank'sforeign shareholder, Banque Indosuez, has decided not...