Arab National Bank to issue additional capital sukuk worth 11.2 billion riyals

Arab National Bank announced its intention to issue additional capital sukuk from the first tier denominated in Saudi riyals through a private placement within the Kingdom of Saudi Arabia under its program for additional capital sukuk from the first tier worth 11.2 billion riyals.

According to the announcement published on “Tadawul”, the bank appointed HSBC Saudi Arabia and Al-Arabi Financial Company as the offering managers in relation to the potential offering.

The purpose of this offering – according to the announcement – is to strengthen the bank’s capital base and for the company’s general purposes.