BSF plans to issue AT-1 sukuk

Logo of Saudi Fransi Bank (BSF)

Banque Saudi Fransi (BSF) announced its intention to issue SAR-denominated additional Tier 1 (AT-1) sukuk through a private placement within Saudi Arabia, under its AT-1 capital sukuk issuance program.

BSF planned an issuance of SAR 8 billion, in accordance with a board resolution dated Jan. 22, 2024.

According to a statement on Tadawul, the bank appointed Saudi Fransi Capital as the sole bookrunner, lead coordinator, and lead manager for the potential private placement.

The number and value of the sukuk to be offered will be determined based on market conditions, it added.

BSF explained that the potential issuance aims to strengthen the capital base. The sukuk offering is subject to the relevant regulatory authorities’ approval and will be conducted in accordance with applicable laws and regulations.

This announcement does not constitute an invitation, offer, or solicitation to purchase, acquire, or subscribe to any securities. It remains subject to the sukuk’s terms and conditions.

BSF will announce any further material developments in due course, it said.