The board of Saudi National Bank, the largest bank by assets in the kingdom, has proposed the buyback of up to 16 million treasury shares for its employees’ equity programme.
The buyback will be financed through the bank’s internal resources, the lender said in a statement to the Saudi stock exchange.
Treasury shares currently comprise 0.92% of the total shares eligible for the programme.
The decision is subject to approval at the upcoming extraordinary general assembly meeting, which will be announced later.
The repurchased shares will not carry voting rights at shareholder meetings.
(Editing by Seban Scaria seban.scaria@lseg.com)
