Addax Bank, a regional bank based in Bahrain, announced that it is in the process of raising its capital to US$100million. The capital increase is the latest in a series of achievements Addax has realised.
Addax completed 2006 with a return on equity of 85%; that return came on the heels of 32% in 2005 and 10% in Addax's first year of operations, 2004.
In May 2007, the prestigious Banker Middle East Magazine named Addax "Best New Bank" in its annual Industry Awards. The Banker Middle East win follows Addax's move into its new headquarters, the 15-storey Addax Tower, in the Seef District in Bahrain.
"We are very proud of our achievements. I believe Addax's return on equity is the highest in the region; our growth rates in terms of revenue, margins and profitability are excellent; our new headquarters are a testament to the solidity of our balance sheet as well as our commitment to Bahrain. As for the Banker's award, it's very heartening for all of Addax's team to get such recognition, amidst the intense competition", said Yousef Al Essa, Addax's CEO.
Recently, Addax has completed the capitalisation of Addax Securities Saudi Arabia, the bank's new investment banking arm in the Saudi market, as well as Education Capital, Addax's specialist investment vehicle focusing on the educational sector in the MENA region. The new ventures cement Addax's track record of innovative, solid deals.
"We have completed deals in the real estate, hospitality, education, media and information technology sectors; yet we believe we've just scratched the surface. Addax is currently working on a new, specialist wealth management firm, based out of Abu Dhabi, with a focus on affluent, yet under served segments in the Gulf; we are also assessing a strategic partnership in Kuwait; and in the early stages of establishing a presence in Oman. Our goal is to build on our successes and track record and grow Addax's footprint and access to all of our key markets in the region", added Yousef Al Essa.
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About Addax Bank
Addax Bank has an authorised capital of US$100 million and is regulated by the Central Bank of Bahrain (CBB). The Bank was formed in 2003 and has been involved in a number of high profile deals in the region.
Addax Bank's landmark deals include: participation with Dubai International Capital and other lead investors in creating JD Capital, a US$300 million (approximately) company targeting investment opportunities in Jordan. Addax Bank was also responsible for the structuring and placement of the US$ 150 million deal to finance 20 Express by Holiday Inn hotels across five countries in the GCC.
Additionally, Addax Bank has launched a US$1 billion investment fund, the MENA Serviced Residence Fund, in collaboration with The Ascott Group of Singapore, to acquire and manage a chain of serviced residences throughout the Middle East and North Africa. The first phase of capital fund raising towards the US$ 1 billion MENA Serviced Residence Fund was successfully completed earlier this year; the private placement was well received by investors and was oversubscribed by 150% within record time.
In September 2006 Addax Bank formed its newest subsidiary, Addax Media BSC. Addax Media, wholly owned by Addax Bank will be a holding company that will focus on acquiring innovative, high-quality media productions ranging from full length movies to television serials. Addax Media's first production "Khalid Bin Waleed" was aired on MBC and Dubai Television.
In November 2006, Addax Bank, launched Addax Education Holdings (AEH), a holding company based in the Kingdom of Bahrain, established in partnership with a team of education and private equity professionals to invest and manage education and education related businesses across the GCC, Middle East and North Africa.
Addax is fast gaining a reputation for launching innovative and unique deals in the Middle East region.
For further information on Addax Bank please contact
Mona Akhtarzada:
Tel: +973 17 560 444
Fax: +973 17 560 445
Email: mona@addaxbank.com
© Press Release 2007
