Bloomberg News

Bank Albilad Jumps Most Since 2008 After Home Lending Deal

February 04, 2012

Feb. 4 (Bloomberg) -- Bank Albilad shares jumped the most in more than three years after Saudi Arabia’s second-smallest lender by market value signed a deal with the government to accelerate home lending.

Albilad’s shares gained as much as 10 percent, the largest intraday increase since October 2008, to 24.75 riyals at 2:01 p.m. in Riyadh.

The Riyadh-based bank signed an agreement with the state- run Real Estate Development Fund, which will help expedite home lending in the Arab Peninsula’s most populous country, al-Sharq al-Awsat reported on Feb. 2.

--Editors: Kristen Hallam, Linda Shen

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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