Saudi Public Investment Fund buys 23.97% stake in Jordan’s Capital Bank Group

Saudi Public Investment Fund acquired a 23.97 percent stake in Capital Bank Group, one of the largest banking groups in Jordan, Iraq, and the Middle East and North Africa (MENA) region.

PIF said in a statement that The $600 billion Saudi state fund would pay $185 million for the stake by buying 63 million new shares of the bank.

Also read: Capital Bank of Jordan Launches ‘Blink’

The statement explained that “The deal aims to increase the banking group’s total shareholder equity to around $846 million, bolstering its ability to execute its strategy and expand its business.”

The deal is a part of the PIF strategy to explore new investment opportunities in the MENA region.

Jordan is among the primarily regional countries that Saudi Crown Prince Mohammed bin Salman is planning to visit soon; he is expected to discuss regional and international issues and ink energy and trade agreements. Reported Reuters