Riyad Bank finalizes 5 mln share buyback for employee incentive program

Logo of Riyad Bank 

Riyad Bank announced today, Aug. 9, completion of the repurchase of shares allocated for the employee stock incentive program, according to a statement to Tadawul.

The bank's shareholders approved, on March 27, the repurchase of five million shares as treasury shares, to be allocated for employee stock incentive program.

The buyback was agreed to be financed by the bank’s own resources, with the repurchased shares to be kept no longer than seven years from the date of that approval. Afterwards, the bank will follow the applicable regulations, according to Argaam's data.