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Saudi PIF acquires 24% stake in Jordan's Capital Bank

Saudi PIF acquires 24% stake in Jordan's Capital Bank
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Capital Bank
CAPL
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Riyadh – Mubasher: The Public Investment Fund (PIF) will be purchasing a 23.97% stake in the Capital Bank of Jordan, in a transaction that will increase the lender’s capital by issuing new shares in favour of PIF.

The Jordanian bank’s shareholders approved the capital raise deal at a total value of JOD 131.20 million, according to a recent press release.

Bassem Khalil Al Salem, Chairman of the Capital Bank, pointed out that 63 million shares will be issued in favour of the Saudi fund once the equity acquisition deal is finalised.

Following the transaction, the bank’s capital will surpass JOD 600 million.

The Jordanian lender has recently inked an AED 73.40 million contract with Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD).