Gulf International Bank – Saudi Arabia (GIB KSA) said it had successfully raised SAR1.5 billion ($399.5 million) through a debut issuance of a 10NC5 Tier 2 Sukuk under the bank’s inaugural SAR3 billion Tier 2 sukuk programme.

 

The sukuk programme is aligned with the Bank’s strategic objectives to facilitate balance sheet growth and actively contribute to the realisation of the national economic objectives outlined in the Kingdom’s Vision 2030.

 

Headquartered in Al Khobar, GIB Saudi Arabia has branches in capital Riyadh and Jeddah with its Riyadh-based subsidiary, GIB Capital, handling the bank’s investment banking activities.

 

GIB Group CEO Abdulaziz Al Helaissi said: "The successful Tier 2 capital issuance represents a significant milestone for GIB KSA. The sukuk programme will play an integral role in diversifying our funding sources and fuel the bank's expansion initiatives as the bank seeks to capitalise on growth opportunities in the kingdom."

 

"The strong investor support is a testament to the strength of GIB KSA’s credit story and its growth strategy. We are delighted to receive such a strong endorsement from the local Saudi capital markets," noted Al Helaissi. 

 

GIB Capital CEO Osamah Shaker said it was delighted to act as the sole arranger for the establishment of the sukuk programme and the bank’s debut issuance. 

 

"The successful issuance highlights our capability to help issuers access a wide investor base and provide robust execution advice to navigate challenging market conditions," he added.-TradeArabia News Service