Riyadh - Mubasher: Saudi Awwal Bank (SAB) plans to issue SAR-denominated Tier 1 Sukuk through a private placement in Saudi Arabia, according to a bourse filing.

In line with its Additional Tier 1 Sukuk issuance program, the offering aims to strengthen the bank’s capital base and support the achievement of its long-term strategic objectives.

While the exact value of the offer will be determined at a later stage based on market conditions at the time of the offer.

The issuance amount will be determined at a later stage based on market conditions at that time.

SAB has appointed HSBC Saudi Arabia as the sole arranger and dealer for the establishment, offering, and issuance of the Sukuk.

The offering remains subject to approvals from the relevant regulatory authorities and will comply with applicable laws and regulations.

In the first quarter (Q1) of 2025, SAB registered 4.50% higher net profits at SAR 2.13 billion, compared with SAR 2.04 billion in Q1-24.