Riyadh – Mubasher: The National Commercial Bank (NCB) announced on Monday that it has successfully settled the issue of Sharia-compliant subordinated additional Tier 1 capital sukuk, amounting to SAR 1.3 billion, through a private placement offer in Saudi Arabia.
The sukuk issue aims to strengthen NCB's capital base in accordance with the Basel III framework, the bank said in a bourse filing, adding that the issue will sustain its growth while maintaining healthy capital adequacy levels.
“Additionally, the sukuk will extend the maturity profile of NCB's liabilities while continuing to diversify its sources of funding,” NCB highlighted.
The issue is callable and has no fixed redemption date. All required approvals from the regulatory authorities have been obtained for the issue.
NCB Capital has acted as sole lead manager for the issue.
By the end of trading on Monday, NCB’s stock was up 1.28% to SAR 43.5 on the Saudi Stock Exchange (Tadawul).
