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Bank Albilad to issue SAR 3bn Tier 2 Sukuk

Bank Albilad to issue SAR 3bn Tier 2 Sukuk
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ALBILAD
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Riyadh – Mubasher: Bank Albilad plans to issue a domestic Saudi Riyal (SAR) denominated Tier 2 Sukuk valued at up to SAR 3 billion through a private placement in the local market.

The potential offer may include an option for holders of the previously issued SAR 2 billion Sukuk to exchange their investment in the previous Sukuk with an investment in the Tier 2 Sukuk, the bank disclosed to the Saudi Stock Exchange (Tadawul) on Thursday.

Moreover, the bank has mandated Albilad Capital as the sole arranger and dealer for the potential offer.

Proceeds of the potential offer, which is still subject to regulatory approvals, will be used to strengthen the bank’s capital base and to grow its banking and finance activities.