PIF and Capital Bank Group announce signing of subscription agreement for approximately USD185mln

PIF and Capital Bank Group announce signing of subscription agreement for approximately USD185mln

This deal is in line with PIF's strategy, which includes exploring new investment opportunities in the MENA region that support the creation of long-term strategic economic partnerships to achieve sustainable returns that contribute to maximizing the Fund's assets and diversifying Saudi Arabia’s economy in line with Vision 2030.

The investment contributes to the Capital Bank Group initiative of positively impacting the Jordanian economy, and highlights the growth prospects that the Bank offers, especially given the Group’s solid position in terms of equity. The Group enjoys a strong financial and credit position following its acquisition of the assets and branches of Bank Audi in Jordan and Iraq, as well as Société Generale - Jordan in less than a year.

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About PIF

The Public Investment Fund (“PIF”) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by HRH Prince Mohammed bin Salman Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Council for Economic and Development Affairs. As of April 2022, PIF’s Assets Under Management have reached more than $620 billion (over