Saudi Hollandi Bank, one of the Kingdom's leading banks, plans to issue a SR1.4 billion ($373 million) private placement sukuk (Islamic bond), it said in a bourse statement.

"Saudi Hollandi Bank's board of directors approved on September 9 the issuing of sukuk worth 1.4 billion riyals as a private offering to support its capital base by using a sharia compliant structure," the statement said.

The issue is subject to the approval of the capital market authorities.-Reuters