JEDDAH, 25 June 2007 — The BNP Paribas Bank, the largest banking group in France, unveiled its plans to issue medium-term bonds in Saudi Arabia, valuated in Saudi riyal, in a debut public offering, which is deemed to be the first of its kind in the Kingdom by the prestigious global financial institution based on its strong confidence in the sound and robustness Saudi economy.
BNP Paribas Bank has appointed SAMBA Financial Group as lead manager thanks to its deep expertise in the Saudi capital markets backed by its sound financial position. SAMBA Financial Group will be the lead manager and act as the IPO manager in conjunction with the BNP Paribas Bank.
Essa M. Al-Essa, managing director and CEO of SAMBA Financial Group, said “this cooperation with BNP Paribas Bank is a historic and landmark issuance in many respects. It reflects the confidence enjoyed by SAMBA Financial Group in the banking and financial sector worldwide. It gives us an important and leading role in this new offering which is the first of its kind for a foreign financial institution to be issued in the Kingdom, under the Saudi Capital Market Law. These instruments will receive highest rating.