Bank AlBilad said Dec. 17 that it will raise 1.5 billion riyals in capital by issuing 150 million new shares.

The Saudi lender's board recommended a capital increase to 7.5 billion riyals from 6.0 billion riyals by increasing the number of shares issued to 750 million.

The bank will also offer a bonus share on every four shares held by registered shareholders as an incentive.

The capital increase is subject to approval from official authorities and stakeholders.

As of Dec. 17, US$1 was equivalent to 3.75 Saudi Arabian riyals.