SAIB’s board approves acquisition of Mizuho’s stake

02/12/2018 Argaam
 
Saudi Investment Bank’s (SAIB) board of directors have approved the agreement toacquire Japanese Mizuho Corporate Bank Limited's 2.50 percent stake.
 

The stake was purchased as ordinary shares and the deal was financed from SAIB’s internal resources, the bank said in a statement on Sunday.

 

SAIB’s treasury shares account for 7.50 percent of its capital.

 

The acquisition is subject to the approval of the bank’s shareholders. The general assembly meeting date will be announced later on, the statement added.

 

The newly-acquired shares will have no voting rights.

 

SAIB had earlier completed the buyback of JPMorgan International Finance Limited’s stake in the bank.

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