|17 June, 2019

Sharjah Islamic Bank mandates banks for capital boosting sukuk

Citi, HSBC and Standard Chartered have been hired to coordinate the deal

A man walks past a Sharjah Islamic Bank branch on Sheikh Zayed road in Dubai January 11, 2012.

A man walks past a Sharjah Islamic Bank branch on Sheikh Zayed road in Dubai January 11, 2012.

REUTERS/Jumana El-Heloueh

DUBAI - United Arab Emirates' Sharjah Islamic Bank SIB.AD has hired banks to arrange investor meetings ahead of an issuance of U.S. dollar-denominated sukuk, or Islamic bonds, a document by one of the banks showed on Monday.

Citi, HSBC and Standard Chartered have been hired to coordinate the deal, and they are bookrunners along with Abu Dhabi Islamic Bank, Bank ABC, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, and KFH Capital.

The planned deal will boost the bank's Tier 1 core capital, the document showed, confirming what sources told Reuters last week.

(Reporting by Davide Barbuscia; Editing by Saeed Azhar) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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