Saudi bank NCB selling 2 bln riyal capital-boosting sukuk -sources

August 23, 2015 7:52 AM

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DUBAI Aug 23 National Commercial Bank (NCB), Saudi Arabia's largest lender, is selling 2 billion riyals ($533 million) of capital-boosting sukuk, two banking sources with knowledge of the matter said on Sunday.

The offer, which enhances the bank's Tier 1 - or core - capital and is compliant with Basel III banking regulations, is the third such transaction by NCB since June, and is part of a plan to raise as much as 7 billion riyals of capital before the end of 2015, one of the sources said.

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