Saudi National Bank, the country’s largest bank by assets, is planning to raise a $1 billion syndicated loan to support Vision 2030 development. Singapore-based DBS Bank and Japan’s Mitsubishi UFJ Financial Group have been mandated lead arrangers and bookrunners, Bloomberg reported, quoting unidentified sources. The five-year loan is being syndicated to the global markets, particularly Asia. SNB […]Saudi National Bank, the country’s largest bank by assets, is planning to raise a $1 billion syndicated loan to support Vision 2030 development. Singapore-based DBS Bank and Japan’s Mitsubishi UFJ Financial Group have been mandated lead arrangers and bookrunners, Bloomberg reported, quoting unidentified sources. The five-year loan is being syndicated to the global markets, particularly Asia. SNB […]
SNB appoints lead arrangers for $1bn loan
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Saudi National Bank, the country’s largest bank by assets, is planning to raise a $1 billion syndicated loan to support Vision 2030 development.
Singapore-based DBS Bank and Japan’s Mitsubishi UFJ Financial Group have been mandated lead arrangers and bookrunners, Bloomberg reported, quoting unidentified sources.
The five-year loan is being syndicated to the global markets, particularly Asia.
SNB expects to pay an interest margin of 90 basis points over the benchmark secured overnight financing rate.
Middle Eastern companies have raised $13.5 billion in syndicated loans across the Asia Pacific region so far this year, Bloomberg’s report said.
In October SNB reported an almost 21 percent year-on-year increase in net profit to SAR6.5 billion ($1.7 billion), driven by a double-digit increase in total operating income and a similar decline in operating expenses.
The bank’s shares, which trade on the Saudi stock exchange, were trading 0.6 percent higher at SAR36.30 on Monday. The stock is up 33 percent so far this year.
The Public Investment Fund, the Saudi sovereign wealth fund, is a major shareholder of SNB.
Further reading:
- SNB’s bond issuance gets orders of over $4bn
- Record profits for two of Saudi’s biggest banks
- Saudi Arabia’s biggest bank wants wealthy depositors back
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