Al Rajhi Bank board proposes capital increase by 50% to $16bln

The board of directors of Al Rajhi Bank has recommended a 50% capital increase to SAR 60 billion ($16 billion) from SAR 40 billion through a bonus issue.

The lender will grant one bonus share for every two shares owned. The number of shares will increase to 6 billion from the current 4 billion upon completion of the capital increase.

Al Rajhi Bank said it has already received a no-objection certificate from the Saudi Central Bank. 

(Editing by Seban Scaria seban.scaria@lseg.com)