Bank Al-Jazira Hires HSBC, JPMorgan to Sell Islamic Bonds

Bank Al-Jazira (BJAZ) hired the Saudi Arabian units of HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) to sell riyal-denominated Islamic bonds.

The bond sale is to “enhance the bank’s capital and support its business expansion plans,” the Saudi Arbaian lender said in a statement to the local bourse today. The bank will announce the size of the bond after investor meetings in Riyadh, Jeddah and Dammam.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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