Saudi Arabia's Capital Market Authority approved National Commercial Bank's request to increase its capital to 30 billion Saudi riyals from 20 billion riyals, the regulator said Feb. 19.

The bank will issue 1 bonus share for every 2 existing shares held by eligible shareholders.

The bonus share issue will boost the National Commercial Bank's outstanding shares to 3 billion from 2 billion, while the capital increase will be carried out by transferring 10 billion riyals from the lender's retained earnings.

The plan is subject to the bank's fulfillment of all necessary regulatory requirements and applicable laws.