RIYADH: Riyad Bank said it intends to issue an Islamic bond, or Sukuk, denominated in US dollars, according to a statement to the Saudi exchange.
The bank, which did not disclose the value, appointed HSBC, Standard Chartered Bank, and Riyad Capital to manage the issuance.
The decision comes as a step towards improving the bank’s capital base to support financial and strategic needs.
The offering was approved by the bank’s board of directors on Dec. 27, 2021, and is subject to approval from regulatory authorities, the bank said in the statement.