Saudi Hollandi places $666m sukuk

The bank made a net profit of $306m in the first 9mths of 2013, an increase of 23%

Saudi Hollandi Bank has privately placed a SAR2.5bn ($666.6m) tier 2 Islamic bond or sukuk, the lender said in a bourse statement on Sunday.

The sukuk, which will support the Bank's capital base, has a tenor of ten years. It carries a half yearly profit of six- month Saudi Interbank Offered Rate (SIBOR) plus 1.55 per cent, Reuters said.

The lender’s net profit announced for the 9 months ended September 2013 was SAR1.15bn ($306m), an increase of 23 percent.

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