SNB plans SAR-denominated additional Tier 1 sukuk

07/05/2025 Argaam
Logo ofSaudi National Bank (SNB)

Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) plans to issue SAR-denominated additional Tier 1 sukuk to qualified investors in Saudi Arabia, according to a Tadawul statement.

 

The board of directors approved the sukuk issue on Nov. 11, 2024, the bank said, adding that the amount and terms of the offer will be determined subject to market conditions.

 

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SNB Capital was appointed as the sole bookrunner, lead arranger, and lead manager for the proposed offer.

 

The issue aims to strengthen the bank's capital base in accordance with the Basel III framework, SNB said, adding that the offer will be subject to the approval of the relevant regulatory authorities and will be made in compliance with applicable laws and regulations.

 

SNB stressed that the announcement is not an invitation or offer to purchase, acquire, or subscribe to any securities and is subject to the terms and conditions of the sukuk.

 

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

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