NCB completes Phase II of share buyback under employees program

National Commercial Bank (NCB) on Tuesday completed repurchasing 1.86 million shares, under the second phase of its Executive Employees Stock Program, after obtaining shareholders’ approval in May 2017.

The shares will be vested within three years under the program, the bank said in a statement to Tadawul on Wednesday.

The buyback is unlikely to have any material financial impact on the bank’s financial statements, NCB added.

Last August, the lender bought back 2.1 million shares under the first phase of the program, Argaam reported.