SAIB buys Mizuho’s 2.50% stake for SAR 253 mln

Saudi Investment Bank (SAIB) has completed the acquisition of Mizuho Corporate Bank Limited's 18.7 million shares in SAIB for a total of SAR 253.12 million, or SAR 13.5 per share, the bank said in a statement to Tadawul.

Acquisition of Mizuho’s full stake, which was purchased as treasury shares, was approved by the bank’s extraordinary general assembly meeting on March 28.

In November 2018, SAIB signed an agreement to buy Japanese Mizuho’s 2.50 percent stake in the bank for SAR 253.1 million, Argaam reported.