Gulf International Bank – Saudi Arabia (GIB) has raised SAR 1.5 billion from the debut issuance of a Tier 2 Sukuk under the bank’s inaugural SAR 3 billion Tier 2 Sukuk programme.
The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and actively contribute to the realisation of the national economic objectives outlined in Saudi Arabia’s Vision 2030.
“The successful Tier 2 capital issuance represents a significant milestone for GIB. 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 Saudi Arabia,” said Abdulaziz Al-Helaissi, GIB’s Group Chief Executive Officer.
“The strong investor support is a testament to the strength of GIB’s credit story and its growth strategy.”
“GIB Capital is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance,” Osamah Shaker, GIB Capital’s Chief Executive Officer said, adding that the issuance highlights the firm’s capability to help issuers access to a wide investor.
