Arab National Bank (ANB) has received approval from the Saudi Arabian Monetary Agency (SAMA) to raise up to SAR 2 billion through a sukuk (Islamic bonds) issue.
The sukuk will have a tenor of 10 years, with the option to redeem after five years, the bank said in a statement to Tadawul on Wednesday.
The issuance will help the bank boost its capital reserves, helping credit expansion, it said.
The offering will be privately placed once ANB obtains all clearances from the regulator.
ANB shareholders approved in March the issuance of debt instruments, including bonds and sukuk.
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