2005 News Story

Bank Al-Bilad IPO oversubscribed on second day

Bank Al-Bilad, which on Monday offered shares worth SR1.5 billion [U.S. $0.4 billion] in an Initial Public Offering (IPO), has announced that by Tuesday, the IPO was oversubscribed to the amount of SR2.25 billion [$0.6 billion]. Investors have until March 9, 2005 to submit applications for shares in the Islamic bank, which was created last year from the merger of eight money exchangers.