Riyadh –  Saudi Awwal Bank (SAB) intends to issue SAR-denominated Tier 1 Sukuk through a private placement in Saudi Arabia.

SAB mandated HSBC Saudi Arabia to be the sole arranger and dealer for the programme establishment, offering, and issuance of the Sukuk, according to bourse disclosure.

The offering amount will be determined at a later stage based on market conditions, the bank said, adding that the proceeds will be used to fulfil its financial and strategic needs.

In September 2023, SAB and American Express teamed up to launch a product that supports small and medium-sized enterprises (SMEs).

During the first half (H1) of 2023, SAB generated net profits after Zakat and tax worth SAR 3.31 billion, while its clients’ deposits reached SAR 222.73 billion.

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