Riyadh – Mubasher: Saudi National Bank (SNB) has started offering SAR-denominated Additional Tier 1 Sukuk at a par value of SAR 1 million.

The bank will determine the amount and terms of the offered Sukuk based on market conditions, according to a stock exchange statement on Sunday.

The offering starts on 28 August 2022 and ends on 31 December of the same year. The bank has mandated SNB Capital Company as the sole lead manager, bookrunner, and lead arranger for the offering.

Earlier this month, SNB unveiled its intention to issue SAR-denominated Additional Tier 1 Sukuk to eligible investors in Saudi Arabia.

It is worth noting that during the first half (H1) of 2022, SNB registered SAR 9.09 billion in net profit, a leap of 58.82% from SAR 5.72 billion in H1-21.