The Saudi British Bank (SABB) announces that on 17 December 2013 it has successfully closed its transaction of SAR 1.5bn Tier II Sukuk private placement offer in Saudi Arabia.
The Sukuk will support the Bank's capital base in light of the Basel III framework, and support the growth plans and extends the maturity profile of its liabilities while continuing to diversify its sources of funding.
The Sukuk issuance will have 7 years tenor with the Bank having the right to call the Sukuk at the end of the fifth year.
The Sukuk carries a half yearly profit of 6 months SIBOR + 1.40%. All required approvals from the regulatory authorities have been obtained for the issuance.
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