2004 News Story

New commercial bank to float shares

The newly established Al-Bilad Bank, which has a capital of SR3 billion [U.S. $0.8 billion], will float 30 million shares worth SR1.5 billion [$0.4 billion] for public subscription either by the end of October or early November, and is expected to launch its operations in the first quarter of 2005. The new commercial bank, the Kingdom's eleventh, was established through the merger of eight leading money exchangers operating throughout the country. Representatives of the eight companies will meet in Riyadh on Saturday to discuss issues such as the date of the flotation, a logo for the new bank, and details of an advertising campaign.