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