Saudi National Bank (SNB) intends to issue SAR-denominated sukuk to boost its capital in line with the Basel III framework, the lender has said.

The board of directors approved the sukuk issue on November 11, 2024, which will be offered to eligible investors in Saudi Arabia.

The amount and terms of the offer will be subject to market conditions. 

SNB Capital has been named the sole bookrunner, lead arranger, and lead manager for the proposed offering.

The sukuk issuance is subject to regulatory approvals, the statement said. 

In November 2024, SNB raised SAR 6 billion by issuing SAR-denominated additional Tier 1 sukuk.

(Editing by Seban Scaria seban.scaria@lseg.com)