Dec 07 2011 |
more articles from
|
Gulf International Bank B.S.C. Announces the Successful Pricing and Closing of a 3-year US$300 Million Sukuk-al-Murabaha Private Placement
Gulf International Bank B.S.C. (''GIB'') is pleased to announce the successful pricing and closing of a 3-year US$300 million Sukuk-al-Murabaha private placement (the ''Sukuk''). The Sukuk certificates will pay a profit rate of 6-month USD LIBOR + 130 bps on a semi-annual basis, and will mature on 7th December 2014. The Sukuk offering was successfully placed with a number of institutional investors, with J.P. Morgan acting as Sole Manager of the placement.Commenting on the successful closing of the placement, Dr. Yahya Alyahya, GIB's CEO, said it reflected the investor community's confidence in GIB's credit strength and unique positioning in the GCC banking sector as one of the region's premier financial institutions.
Dr Alyahya added: "We are delighted with the successful closing of our inaugural placement in the Islamic Sukuk market, and securing an attractive pricing despite the volatile market backdrop. This transaction confirms GIB's commitment to diversify its funding sources by tapping into new pockets of liquidity such as the Islamic Sukuk market, and utilise innovative funding structures to achieve the lowest possible cost of funding for GIB. The funds raised will allow us to refinance our existing term finance maturities, further diversify our investor base and provide the resources to progress our business strategy. The Sukuk private placement represents further progress in GIB's programme to more closely align the maturity profile of its assets and liabilities and reduce its previous reliance on short-term wholesale deposits.''
GIB is a leading bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The Bank is owned by the six GCC governments, with the Public Investment Fund of Saudi Arabia holding a majority stake (97.2 per cent). In addition to its main subsidiary Gulf International Bank (UK) Ltd., the Bank has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.
-Ends-
For further information, please contact Mr. Abdulla Naneesh, Corporate Communications at GIB Bahrain: Tel (+973) 17522 680, Fax (+973) 17522 656 or Ali Al-Qaseer on (+973) 17542 787.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment