Dubai: Saudi British Bank (SABB) has completed a private placement of 10-year, 1.5 billion riyal ($400 million) subordinated Tier 2 sukuk callable in five years, it said in a bourse statement on Thursday.
The announcement confirmed a report by Reuters earlier this month.
The sukuk carries a semi-annual profit of 6 months Sibor (Saudi Interbank Offered Rate) plus 1.30 per cent.
SABB is an Associated Company of the HSBC Group, one of the world’s largest banking and financial services organisations with over 10,000 offices in 83 countries.
