Commerce and Industry Minister Dr. Hashem Yamani has approved the establishment of Bank Albilad as a joint stock company with a capital of SR3 billion. The bank, based in Riyadh, has been licensed for 99 years to carry out banking and investment activities as per Saudi rules and regulations, Arab News reported today. Albilad has 60 million shares each with a nominal value of SR50. The founders have subscribed to 30 million shares worth SR1.5 billion while the remaining shares have been floated for public subscription. The bank will be managed by a 11-member board appointed by the general assembly. The term of the first board will be five years. Exchange of the shares of founders will be allowed only after three financial years.
