Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Riyad Bank to raise capital to SAR 40 billion from SAR 30 billion, according to a statement.

The new capital will be distributed over 4 billion shares, instead of 3 billion shares.

Riyad Bank will allocate SAR 10 billion from the statutory reserve and retained earnings in equal proportion.

Last month, the board recommended the 33.33% capital hike to enhance the bank’s financial solvency and retain its resources in operational activities.