SAIB plans $1.5B sukuk program

One of SAIB's branches

The Saudi Investment Bank (SAIB) plans to establish a US dollar-denominated Tier I sukuk program, not exceeding $1.5 billion. Further, the bank intends to issue Tier I sukuk under the program through private placement to qualified investors.

In a statement to Tadawul, the bank said that the exact value and terms of the issuance will be determined at a later stage, subject to the market conditions.

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The offer aims at enhancing the Tier I capital and fulfilling the bank’s financial and strategic needs, the statement added.

The offering will be subject to the approval of the relevant regulatory authorities and will be made in compliance with applicable laws and regulations, the bank stated, indicating that this announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities.

SAIB said it will announce any other relevant material developments to its shareholders in due course.