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SABB sets up local Sukuk programme

SABB sets up local Sukuk programme
The offering aims to meet SABB’s financial and strategic needs
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Riyadh -Mubasher: The Saudi British Bank (SABB) intends to update and amend its previously established international Sukuk programme and set up a local Sukuk programme.

Through the two Sukuk programmes, SABB will issue and offer senior and subordinated Sukuk including the issuance of Tier II capital-eligible Sukuk, in one or more tranches, through one or more issuances, for a private placement or public offering inside or outside of Saudi Arabia, according to a stock exchange statement on Sunday.

For the international programme, the Sukuk will be issued in US dollars or any other currencies at a maximum value of $5 billion, but as for the local programme, the Sukuk will be offered in Saudi riyals at a value not exceeding SAR 5 billion, or their equivalent.

The offering, subject to official competent approvals, aims to meet the bank’s financial and strategic needs.