Riyad Bank plans IPO of its investment arm

Riyad Bank plans IPO of its investment arm

Riyad Bank’s board is planning to list its investment arm, Riyad Capital, on the Saudi stock exchange, as the government tries to increase market offerings to raise the status of Saudi capital markets in global rankings.   The bank said in a statement to the Saudi stock exchange on Thursday that it and its subsidiary […]

Riyad Bank to list on Saudi exchange

Third-largest lender in Saudi Arabia

Net profit rose 15% in 2023

Riyad Bank’s board is planning to list its investment arm, Riyad Capital, on the Saudi stock exchange, as the government tries to increase market offerings to raise the status of Saudi capital markets in global rankings.  

The bank said in a statement to the Saudi stock exchange on Thursday that it and its subsidiary will work together to conduct an assessment.

This will include determining the size, structure and other relevant details of the initial public offering (IPO). 

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Riyad Bank, Saudi Arabia’s third largest lender by assets, is 22 percent owned by the sovereign Public Investment Fund. Another 10 percent is held by the state-run General Organization for Social Insurance.

Net profit rose 15 percent to SAR8 billion ($2 billion) in 2023,