SABB successfully completed its subordinated SUKUK pricate placement

28/05/2015 16:57 AST

The Saudi British Bank (SABB) announces that on Thursday 28 May 2015 it has successfully settled its transaction of SAR 1.5 billion subordinated Tier II Sukuk through a private placement offer in Saudi Arabia.

The Sukuk will support the Bank's capital base in light of the Basel III framework and position the Bank for further growth. The Sukuk will also extend the maturity profile of SABB's liabilities while continuing to diversify its sources of funding.

The Sukuk issuance will have 10-year tenor with the Bank having the right to call the Sukuk at the end of the 5th year. The Sukuk carries a semiannual profit of 6 months SIBOR + 1.30%. All required approvals from the regulatory authorities have been obtained for the issuance


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