JEDDAH: Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, plans to issue SR4 billion ($1.07 billion) of bonds to boost its capital base, it said.
The privately placed bonds will have a tenor of 10 years and be redeemable after five years, the bank said in a bourse statement.
The issue is subject to approval by regulatory authorities.
After a period of strong lending growth, banks in Saudi Arabia have sought to replenish their capital reserves in the last couple of years, including the issuance of capital-boosting bonds and bonus shares.
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