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06-06-22
Saudi Arabia's PIF inks USD185m deal with Jordan's Capital Bank for 24 percent share
(MENAFN) Saudi Arabia' independent capital fund, the Public Investment Fund, has stated that it is going to purchase a 23.97 percent share in Jordan's Capital Bank Group in a USD185 million agreement targeted at growing the lender's wealth.
In line with a joint announcement the two sides inked a subscription deal that would give PIF 63 million additional stocks in Capital Bank, one of the top economic organizations in the nation.
The announcement also stated that “The deal aims to increase the group’s capital, thereby raising its total shareholders’ equity to around $846m, and bolstering the group's ability to execute its strategy and expand its business through introducing new services and products in Jordan, Saudi Arabia, Iraq and other markets where it operates.”
Profits from the agreement is going to help the bank to increase its asset side and back its digital conversion strategies, such as the presentation of digital banks.
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