The Public Investment Fund and Capital Bank Group, one of the largest banks operating in Jordan, Iraq, and the region signed a subscription agreement, according to which the Fund will become a strategic investor in the group, as about 63 million shares will be issued in the interest of the Fund upon completion of the transaction, at a rate of 23.97% of the group’s capital, with a value of About 695 million Saudi riyals (131.2 million Jordanian dinars).
According to Arabiya Net, the fund said in a statement that the completion of the deal is subject to completing the terms of the relevant agreements and obtaining the necessary approvals from the relevant regulatory authorities.
The deal aims to increase the capital of the Capital Bank Group, and thus raise the total shareholders' equity to more than 3.2 billion Saudi riyals (600 million Jordanian dinars), which contributes to enhancing the group's ability to implement its strategy.
As part of the group’s efforts to expand its business and introduce new services and products in Jordan, Iraq, Saudi Arabia and other markets in which it operates, including the business of the group’s investment arm - Capital Investments, in addition to strengthening its plans for digital transformation by providing the latest electronic services, which include launching digital banks.
