DUBAI: Saudi Hollandi Bank, part-owned by Royal Bank of Scotland, received shareholder approval to issue an Islamic bond which would boost its capital, it said on Tuesday.
The board was authorised to set the size and the terms of the transaction, a statement to the Saudi bourse said, without elaborating further.
Saudi Hollandi said last month it would ask shareholders to approval the issue.
The latest bank in the kingdom to eye selling a debt instrument to improve capital ratios after a period of high lending growth in the Gulf Arab country.
The bank completed a 1.4 billion riyals or $373.3 million sukuk issue in November 2012 which enhanced its Tier 2, or supplementary capital. (Reuters)