Saudi British Bank to Revise and Update Its International Sukuk Program, Establish Local Sukuk Program

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Saudi British Bank (SABB) of Saudi Arabia has announced that it will revise and update its previously developed international Sukuk program, and establish a local Sukuk program in line with the approval from SABB’s Board of Directors, dated the 8th of June 2020.

In a filing with the Saudi Stock Exchange (Tadawul) on the 5th of July 2020, SABB stated that the purpose of these Sukuk programs will be to offer senior and subordinated Sukuk including the issuance of Tier II capital-eligible Sukuk, in one or more tranches, through one or more issuances, for a private placement or public offering within or outside of Saudi Arabia.

According to the Tadawul announcement, USD-denominated...