SNB plans SAR-denominated additional Tier 1 Sukuk issue

Saudi National Bank announced today, Oct. 31, its intention to issue SAR-denominated additional Tier 1 sukuk.

In a statement to Tadawul, SNB said it mandated SNB Capital Co. as the sole book-runner, lead arranger, and lead manager for the proposed offer.

The purpose of the potential offer is to strengthen the bank’s capital base, in accordance with the Basel III framework.

The Sukuk offer will be subject to the approval of the relevant regulatory authorities and will be made in compliance with applicable laws and regulations, SNB stated.

The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.

The planned issue was approved by the bank's board of directors on May 2, 2024.