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-NCB Capital completes USD74.67m private placement.

Global Banking News-February 21, 2012--NCB Capital completes USD74.67m private placement(C)2012 ENPublishing -

Global Banking News - 21 February 2012

NCB Capital has completed a private placement, raising SAR280m (USD74.67m) invested in its real estate development fund, a closed fund that invests in the development of residential villas in the north of Riyadh, according to an online report.

The fund will remain closed for a period of three years, with the option of extending the investment period for an additional two terms, each one for a year, NCB said. 'The fund was able in a very short period to attract investors looking for a Shariah-compliant investment opportunity that meets global standards, which is the hallmark of NCB Capital,' said Tariq Linjawi, head of wealth management at NCB Capital.

One of the largest wealth managers in Saudi Arabia, NCB Capital has over one million clients and SAR44bn (USD11. 7bn) of assets under management.

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Publication:Global Banking News (GBN)
Date:Feb 21, 2012
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