Derayah Financial: D360 Bank EGM OKs 27% capital hike to SAR 2.1B via SAR 450M rights issue

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Derayah Financial Co. stated that the extraordinary general meeting (EGM) of D360 Bank, in which the company holds a 20% stake, approved increasing capital by 27% from SAR 1.65 billion to SAR 2.1 billion.

This is through the issuance of 45 million rights shares, at SAR 10 each, totaling SAR 450 million, based on D360 Bank’s board recommendation, according to a Tadawul statement today, June 4.

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Derayah Financial intends to contribute SAR 90 million to the planned capital top-up. This will be financed through internal sources and will not affect the company’s dividend distribution policy, it noted.

This move, according to Derayah Financial, is deemed a strategic opportunity to boosting D360 Bank’s revenues through the offering of a broad suite of investment products and solutions to the latter’s growing customer base.

It should also enhance Derayah Financial’s indirect venture in the fast-growing consumer banking sector, positioning both parties for scalable, innovation-led growth.

D360 Bank qualifies as a related party, being a subsidiary of Derayah Financial — which holds authority to appoint more than 30% of the bank's board members.

The company will disclose any subsequent developments related to this matter as they arise, the statement noted.

According to data available with Argaam, in December 2024, the Saudi Central Bank (SAMA) issued its no-objection for D360 Bank to commence its banking operations in the Kingdom.

In February 2022, the Saudi Cabinet gave the go-ahead for Minister of Finance, Mohammed Al-Jadaan, to license D360 Bank.

Capitalized at SAR 1.65 billion, D360 Bank is a local digital bank founded by a consortium of institutional and retail investors. It is backed by the Public Investment Fund (PIF) and led by Derayah Financial.