February 10, 2016 / 8:16 AM / 4 years ago

Saudi's Bank Albilad plans 1-2 billion riyal sukuk issue in Q2 -CNBC

DUBAI, Feb 10 (Reuters) - Saudi Arabia’s Bank Albilad plans to issue 1 to 2 billion riyals ($267-533 million) of sukuk by the end of the second quarter of 2016 to finance expansion, chief executive Khaled al-Jasser told CNBC Arabia.

The bank plans to open 25 new branches and hire more employees, which Jasser said would likely increase costs this year by 15 to 17 percent.

The bank will also move toward a strategy of owning rather than renting its branches, he said.

Given weak market conditions, Jasser said the bank would prefer not to distribute dividends at the moment. (Reporting by Bernardo Vizcaino and Katie Paul; Editing by Andrew Torchia)

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