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Saudi Awwal Bank (SAB) plans to issue a SAR-denominated Additional Tier 1 sukuk through a private placement.
HSBC Saudi Arabia has been named the sole lead manager for the proposed offer.
The amount and terms of the offer will be determined subject to the market conditions.
SAB said the move will strengthen its capital base and help achieve its long-term strategic objectives.
(Writing by Bindu Rai, editing by Seban Scaria)
