23 June 2015
The National Commercial Bank (NCB) announces that on Monday 22 June 2015 it has successfully settled its transaction of SAR 1 Billion subordinated Tier I Sukuk, compliant with Islamic Sharia principles through a private placement offer in Saudi Arabia.
The National Commercial Bank (NCB) announces that on Monday 22 June 2015 it has successfully settled its transaction of SAR 1 Billion subordinated Tier I Sukuk, compliant with Islamic Sharia principles through a private placement offer in Saudi Arabia.
The Sukuk is intended to strengthen the Bank's capital base in accordance with the Basel III framework and sustain its growth while maintaining healthy capital adequacy levels. The Sukuk will also extend the maturity profile of NCB's liabilities while continuing to diversify its sources of funding.
The Sukuk are perpetual securities with no fixed redemption date, however, NCB has the right to call the Sukuk on a predefined date. All required approvals from the regulatory authorities have been obtained for the issuance. (J.P. Morgan Saudi Arabia Limited) and (NCB Capital Company) acted as Joint Lead Managers.
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© Press Release 2015
