SNB shareholders OK 16M share buyback for employee program

Logo of Saudi National Bank (SNB)

Saudi National Bank’s (SNB) shareholders approved, in a meeting held on April 15, a board of directors’ recommendation to buy back up to 16 million ordinary shares to allocate them to its Key Employees Equity Program.

For more news on listed companies

In a statement on Tadawul, SNB noted that shareholders also authorized the board to finalize the repurchase, within a maximum period of 12 months from the date of the extraordinary general meeting’s (EGM) resolution.

The repurchased shares will be kept by the bank for a period not exceeding 10 years from the EGM date, until the shares are allocated to the eligible employees.

Meanwhile, shareholders authorized the board to distribute interim dividends on a semi-annual or quarterly basis for 2025.

Shareholders further approved all other items on the meeting agenda including contracts concluded with related party transactions.