Saudi Investment Bank (SAIB) has signed an agreement to acquire Japanese Mizuho Corporate Bank Limited's 2.50 percent stake, or 18.7 million shares, for SAR 253.1 million.
The full stake was purchased as treasury shares at SAR 13.50 per share, SAIB said in a bourse statement on Thursday.
The deal is subject to regulatory approvals no later than Dec. 31, 2018.
SAIB is not planning to cut its capital base. Rather, the bank will retain the new shares as treasury shares for resale through a rights issue.
The bank will obtain the necessary approvals to finalize the deal, the statement added.
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