JEDDAH, 2 July 2007 -- HSBC Saudi Arabia has won the "Best Debt House" and Best Mergers & Acquisitions House" awards in Saudi Arabia -- two of the region's top banking honors at the annual Euromoney Awards for Excellence in 2007 held recently.
This year, the financial institution has won seven awards, including the "Best Investment Bank in Saudi Arabia." The recent awards are the eighth and ninth time HSBC Saudi Arabia has been bestowed with such accolades since 2005.
Speaking on behalf of HSBC Saudi Arabia Limited, the bank's CEO, Timothy Grey said "this unique award-winning track record is a testimony to the consistently high level of products, services, and innovation delivered by HSBC Group not only in Saudi Arabia but across the Middle East. The awards are also an outstanding tribute to the quality of our staff."
The 2007 Euromoney awards demonstrated that HSBC would excel not only in overall performance but also in important specialist financial services areas, he said. "We are delighted and proud that HSBC Saudi Arabia Limited, has been given this high level of recognition in only its second year of operation," Grey said.
The award for "Best Debt House" was awarded for HSBC Saudi Arabia's achievements in handling the SABIC Sukuk, in which HSBC acted as the bookrunner and sole lead manager of the first corporate bond/Sukuk issued in Saudi Arabia, as well as it's role as financial advisor and lead arranger on financing the Shuqaiq Water & Electric Company. This project was part of the pioneering national strategy to introduce private sector to the nation's rapid growth in the Kingdom's power and water requirements. The bank wa also the sole lead manager for the first Euro-denominated Eurobond issued by a Middle Eastern issuer.
The second honor was given for HSBC's efforts in emerging as the Kingdom's leader in the field of M&As. HSBC Saudi Arabia Ltd. won the "Best Mergers and Acquisitions" award for it's accomplishments in serving as sole financial advisors to the National Titanium Dioxide Company Ltd. in its acquisition of the millennium Inorganic Chemicals Business of Lyondell. and for its role as financial advisor to Al-Marai Company for the acquisition of Western Bakeries Company Limited and International Banking Services Company Limited.
Ibrahim Abo Mouti, head of corporate communications, told Arab News that receiving such a prestigious honor was truly a prize in itself.
HSBC is licensed by the Capital Market Authority (CMA) and is the first full-service independent investment bank established by a global investment bank in the Kingdom. HSBC Saudi Arabia Limited offers a full range of corporate finance services including manufacturing and managing 26 equity and money market funds as well as offering investment banking advisory, debt and project finance coupled with Islamic finance.
By Sarah Abdullah
© Arab News 2007
