Saudi Arabia buys the largest bank in the Arab homeland

An official at the Trade National Bank, one of the largest banks in the Arab states said that the Saudi government has bought the bank for seven billion Saudi Riyals ( USD 1. 86 billion).

The said bank is the largest bank in the Arab states regarding the volume of its capital which is estimated at 8 million Saudi Riyals ( USD 2.13 billion. )

This buying operation is a result of a process started in 1999 when the Public's Supplies Fund ( the financial wing of the Saudi Ministry of Finance ) owned 50% of the bank's Shares.