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Saudi ANB cleared to issue SAR 2bn subordinated sukuk

Saudi ANB cleared to issue SAR 2bn subordinated sukuk
Photo Credit: Arabianeye-Reuters
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Riyadh-Mubasher: Saudi Arabia’s Arab National Bank (ANB) has obtained the approval of Saudi Arabian Monetary Agency (SAMA) to raise up to SAR 2 billion through subordinated sukuk issue, the bank said in a bourse statement on Wednesday.

The sukuk will have a tenor of 10 years, with the option to redeem after five years,

 The issuance will help the bank boost its capital base and credit business.

 The offering will be privately placed once ANB obtains all approvals from competent authorities.

 On 16 March 2015, shareholders approved the issuance of debt instruments, including bonds and sukuk.