Saudi Hollandi Bank has privately placed a 2.5 billion riyal ($666.6 million) tier 2 Islamic bond or sukuk, the lender said in a bourse statement on Sunday.

The sukuk, which will support the Bank's capital base, has a tenure of 10 years. It carries a half-yearly profit of a six-month Saudi Interbank Offered Rate (SIBOR) plus 1.55 percent.

Follow us on Twitter: @ALB_TheBrief.