SABB repurchases 3.57 mln shares under employee incentive plan for SAR 115 mln

SABB branch

Saudi British Bank (SABB) completed, on Sept. 13, repurchasing 3.57 million shares under its Long-Term Incentive Program (LTIP) for employees at SAR 32 each, totaling nearly SAR 115 million.

The buyback was approved by the extraordinary general meeting (EGM), held on March 31, the bank said in a bourse statement.

SABB completed the buyback of the required shares in one tranche only, and no additional shares will be repurchased during the specified purchase period.