Saudi Arabia’s National Commercial Bank is planning to issue a riyal-denominated Additional Tier 1 Sukuk.

The Shariah-compliant bank said in a bourse filing on Monday (June 1) the potential sale will be placed privately.

NCB did not say how big the issue will be.

Funds raised from the potential offer will be used to strengthen the bank’s capital base in accordance with the Basel III framework, it said.

The bank has mandated NCB Capital as Sole Bookrunner, Lead Arranger and Lead Manager.

NCB is Saudi Arabia’s largest bank by assets.