Riyadh – Mubasher: The extraordinary general assembly meeting (EGM) of Bank Albilad has approved the purchase of five million of the bank’s shares.

The repurchased shares will be allocated as treasury shares within the employee shares program, according to the bank’s disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The transaction will be funded from the bank’s internal resources.

In addition, shareholders authorized the board of directors to complete the purchase within 12 months, while the purchased shares are set to be kept for 10 years.