The Riyadh-based Saudi Awwal Bank's (SAB) board of directors has proposed to buy back up to a maximum of 4.7 million of the bank’s shares to allocate them within the employee stock incentive plan.

The buyback will be financed from the bank's internal resources, the lender said in a statement on the Saudi Tadawul bourse on Tuesday.

The current share of treasury shares out of the total stands at 0.17%.

The board proposal needs shareholder approval to be implemented.

(Writing by Brinda Darasha; editing by Seban Scaria)