Riyadh-Mubasher: Riyad Bank, Saudi Arabia's fourth-largest lender by assets, has sold subordinated sukuk in a private placement at a total value of SAR 4 billion, the bank said in a bourse statement.

The lender aims to boost its capital base and diversify its financing sources.

The sukuk has a maturity period of 10 years, and the bank has the right to redeem them at the end of the fifth year.