PIF-backed Riyad Bank to list its investing unit

Dubai: The board of directors of Riyad Bank are planning on listing its investment banking unit, Riyad Capital, on the main market of the Saudi Exchange, according to a Tadawul statement.

Riyad Bank is the Kingdom’s third biggest lender by assets.

Riyad Capital was established in 2008 offering asset management, wealth management, investment banking, and brokerage services.

“Riyad Bank and Riyad Capital will coordinate to finalise the assessment as well as the relevant measures including determining the offering size as well as the other related details,” said the lender in the statement.

Riyad Bank is awaiting regulatory approval to proceed with the offering.