Saudi SWF Buys Stake in Jordan’s Capital Bank Group
Posted on 06/05/2022
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), agreed to acquire a 23.97% stake in Capital Bank Group, one of the largest banking groups in Jordan, Iraq and the Middle East and North Africa (MENA) region. The value of the stake is at around US$ 185 million and is represented by the issuance of 63 million in new shares. The completion of the deal is subject to completing the conditions in the relevant agreements and obtaining the required approvals from regulators and the relevant government authorities.
The transaction aims to augment the bank’s capital, thereby raising its total shareholders’ equity to approximately US$ 846 million.
