SNB proposes 16M share buyback for employee program

The Saudi National Bank’s (SNB) board of directors recommended on Jan. 16 the buyback of up to 16 million ordinary shares to allocate them to its Key Employees Equity Program.

In a statement on Tadawul, SNB noted that treasury shares currently account for 0.92% of the total shares eligible for the program. The repurchase will be financed through the bank's internal resources.

The decision is subject to approval at the upcoming extraordinary general assembly meeting, whose date will be announced later, as per the applicable regulations.

The bank added that the decision will proceed after meeting the solvency requirements.

SNB clarified that the repurchased shares will not have voting rights at shareholder meetings.