Saudi's Riyad Bank to issue USD T2 Trust Certificates
Standard Chartered, HSBC, Merrill Lynch International, JP Morgan Securities, SMBC Group, Mizuho International, DBS Bank, and Riyad Capital have been appointed as Joint Lead Managers.
The Trust Certificates will be issued under the lender's international trust certificate issuance programme. The amount and terms of offer will be determined subject to market conditions.
Saudi Arabia's $925 billion Public Investment Fund is the largest shareholder in Riyad Bank, holding a 21.75% stake in the kingdom's third largest lender. The Saudi government also holds a 10.39% stake in Riyad Bank, according to LSEG data.
Earlier this week, the Saudi lender also submitted an application to the Capital Market Authority (CMA) for the IPO of its subsidiary Riyad Capital, with shares floated on the Main Market.
(Writing by Bindu Rai, editing by Seban Scaria)
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