Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said on Sunday it will buy a 23.97% stake in Capital Bank Group, one of the largest banking groups in Jordan, Iraq and the Middle East and North Africa (MENA) region.
PIF will pay $185 million for the stake, by buying 63 million new shares of the bank, it said in a statement.
The deal aims to increase the banking group's total shareholder equity to around $846 million, bolstering its ability to execute its strategy and expand its business, the statement said.
The deal is in line with PIF's strategy to explore new investment opportunities in the MENA region.
