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RIYADH: Riyad Bank has completed the offering of its Saudi riyal-denominated additional Tier 1 capital sukuk worth SR3.8 billion ($1 billion).
The bond is perpetual and has a rate of return of 5.25 percent to be paid quarterly from the issue date, according to a bourse filing.
Established in 1957, Riyad Bank is one of the largest financial institutions in Saudi Arabia.
The Saudi government owns 51 percent of the bank’s shares.