Warba Bank con­trib­utes to co-fi­nanc­ing deal with the Zi­raat Par­tic­i­pa­tion Bank of Turkey

Kuwait Times - - BUSINESS -

Warba Bank, Kuwait’s best investment bank and cor­po­rate con­sul­tancy in­sti­tu­tion, an­nounced the suc­cess of a Shari’ah-com­pli­ant, joint, multi-cur­rency, fi­nan­cial deal of USD 236M for the Zi­raat Par­tic­i­pa­tion Bank of Turkey. In part­ner­ship with a range of other global and re­gional banks, Warba Bank acted as the Lead Ar­ranger and Subscription Man­ager of the deal, which was ini­tially launched at USD 160M. Due over­sub­scrip­tion, which sur­passed the ex­pec­ta­tions with 1.6 times, the deal was in­creased so as to reach USD 236M, with an in­crease of 52%. Warba Bank’s share of the deal is USD 25M.

The Murabaha-based fi­nanc­ing deal in­cludes both US Dol­lars and Eu­ros. It will be em­ployed mainly in SME fi­nanc­ing and in­come di­ver­si­fi­ca­tion at the Zi­raat Par­tic­i­pa­tion Bank of Turkey. The Bank’s con­tri­bu­tion is in sup­port of its ded­i­ca­tion to a lead­ing Is­lamic cor­po­rate bank­ing and investment ser­vices and in the frame­work of its plan to en­hance its global investment and main­tain in­vestors’ con­fi­dence.

Sha­heen Ha­mad Al-Ghanem, Warba Bank’s CEO said: “The Bank’s in­volve­ment in this deal em­pha­sizes the growth of the Bank’s as­set port­fo­lio and serves as a com­pelling proof of its com­mit­ment to ex­tend its growth roots in line with its ex­pan­sion strat­egy to sup­port the Is­lamic bank­ing sec­tor and the eco­nomic sec­tor lo­cally, re­gion­ally and glob­ally in emerg­ing mar­kets by se­lect­ing vi­able investment op­por­tu­ni­ties. “AlGhanem also as­serted that the Turk­ish econ­omy is full of op­por­tu­ni­ties.

He added, “The Bank is proud to be en­trusted, along with an elite of big re­gional and global names in the bank­ing in­dus­try, with play­ing a vi­tal role in the pro­mo­tion of this econ­omy, es­pe­cially that the Zi­raat Par­tic­i­pa­tion Bank of Turkey con­trib­utes to the fi­nanc­ing of the agri­cul­tural sec­tor, which is one of the pil­lars of the rise of the Turk­ish econ­omy.” It is worth men­tion­ing that this is the sec­ond par­tic­i­pa­tion of Warba Bank in ar­rang­ing a fi­nanc­ing trans­ac­tion for the Zi­raat Par­tic­i­pa­tion Bank of Turkey. In 2016, it con­trib­uted to a USD 155M multi-cur­rency co-fi­nanc­ing trans­ac­tion for the said Turk­ish Bank. More­over, Warba Bank also par­tic­i­pated in that trans­ac­tion as the Lead Ar­range­ment Man­ager and Lead Man­ager of the subscription.

Sha­heen Ha­mad Al-Ghanem

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