Saudi Arabia's Riyad Bank has reached a preliminary agreement to sell land in Jeddah for SR202.5 million ($54 million), the kingdom's fourth-largest lender by assets said on Monday.

The sale will realise a non-recurring capital gain estimated at SR201 million ($53.4 million) which the bank will book in 2016, it said in a bourse statement

The potential buyer has no relation with the bank, said the statement without elaborating.-Reuters