Riyadh – Mubasher: The National Commercial Bank (NCB) on Sunday said it will redeem its SAR 2.7 billion Tier 1 Sukuk on 23 March 2021, in full and at par value.

The Sukuk was offered through private placement on 23 December 2015, for an amount of SAR 2.7 billion, qualifying as Tier 1 subordinated capital in accordance with the Basel III framework, the bank said in a statement to the Saudi Stock Exchange (Tadawul).

The Sukuk’s par value and any due periodic profits for the period ending on 23 March 2021 will be transferred to the Sukukholders at this date based on their respective holdings as of 8 March 2021.

The total number of redeemed Sukuk is 2,700, with each Sukuk having a par value at the redemption date of SAR 1 million.