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SNB Becomes the First Saudi Bank To Enter the Taiwanese Formosa Market

SNB Becomes the First Saudi Bank To Enter the Taiwanese Formosa Market

RIYADH: Saudi National Bank has successfully become the first financial institute in the Kingdom to access the Taiwanese Formosa market. 

This achievement marks a pioneering move for SNB, underscoring its commitment to advancing Saudi Arabia’s financial sector, according to a press release.

The issuance of a $500 million five-year senior unsecured floating-rate note bond under its $5 billion Euro Medium Term Note Programme has been met with resounding success.

SNB’s issuance exceeded initial expectations, with final pricing set at a secured overnight financing rate of +120 basis points, demonstrating efficient pricing inside SNB’s five-year US sukuk levels.

The transaction’s success was bolstered by strong investor demand, leading to an upsizing from an initial expectation of $300 million to $500 million. 

This outcome reflected SNB’s engagement with a diverse range of international investors and underscored the bank’s credit appeal globally.

“We are pleased to witness robust demand for SNB’s credit from a growing base of investors, benefiting from its prominent role in a rapidly expanding economy,” remarked SNB CEO Tareq Al-Sadhan.

“This builds off of the bank’s continuous efforts to extend its reach and foster new relationships through investor engagement. As the benefits of the various 2030 initiatives continue to materialize, SNB will strive for commensurate growth in the innovation of its own operations to meet the needs of its investors and customers,” he added.

Established in April 2021 following the merger of the National Commercial Bank and Samba Financial Group, SNB stands as the Kingdom’s largest financial institution by total assets listed on the Saudi exchange.