Saudi National Bank Completes SAR-Denominated AT1 Sukuk Offering

Saudi National Bank has completed an offer of SAR-denominated Additional Tier 1 (AT1) Sukuk. The bank provides Shariah-compliant banking services through its retail, wholesale, capital market, and international segments. The Sukuk offering is part of the bank's strategy to diversify its funding sources and strengthen its capital base.

Saudi Arabia’s digital bank D360 is in early talks with potential global investors as it prepares for a Series A funding round planned for the second half of 2025. The Shariah-compliant lender, which began operations in December, is targeting the first quarter of 2026 to complete the raise, according to CEO Eze Szafir [1].

The bank has already secured around $500 million from existing shareholders, including the Public Investment Fund (PIF) and Derayah Financial Co. The upcoming funding round will support D360’s efforts to expand services to small and medium enterprises (SMEs), aligning with Saudi Arabia’s broader economic diversification strategy under Vision 2030. Szafir noted that the bank is looking for new investors, most likely from Europe or the US, with the same quality as those already involved [1].

D360 plans to roll out full lending services for individuals and SMEs later this year. In preparation for the Series A round, the company has appointed Mohammed Nazer, a former JPMorgan Chase & Co. banker, as chief financial officer to lead the process. Nazer expects to appoint advisers to manage the Series A round by the end of July [1].

D360 is one of the first institutions to be granted a digital banking license in Saudi Arabia. It currently serves over 1 million users and aims to reach 4 million account holders ahead of a potential public listing within the next four years. By adopting data-driven strategies and modern technologies, D360 aims to contribute to the development of the Kingdom’s digital financial infrastructure and align with the goals of Vision 2030 [1].

The move comes as the Saudi Central Bank (SAMA) continues to advance regulatory frameworks that support digital transformation in the financial sector. SAMA has prioritized fostering innovation and financial inclusion through digital banking, granting licenses to new digital players to modernize the Kingdom’s banking landscape and strengthen financial resilience [1].

References:
[1] https://www.arabnews.com/node/2603184/business-economy