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Kuveyt Turk has recently become the first participation bank, which realised a syndicated Murabaha Facility with a tenor of two years arranged by ABC Islamic Bank, Gulf International Bank and Standard Chartered Bank.
The facility has been oversubscribed with the participation of banks not only from the Gulf region but also from Europe. It has been signed and announced with a press conference on December 19, 2006 at Ciragan Palace with the presence of the above parties.
ABC Islamic Bank played the role of "Investment Agent" and both Gulf International Bank and Standard Chartered Bank played the role of "Book Runner". The Facility which was fully committed by the Mandated Lead Arrangers is closed with the participation of 32 banks and financial institutions from Europe and Middle East with a total commitment amount of more than US$ 265 million. The banks who participated in this syndicated facility of Kuveyt Turk are ABC Islamic Bank, Gulf International Bank, Standard Chartered Bank, Abu Dhabi Islamic Bank, Calyon Investment and Corporate Bank (Bahrain), Finansbank (Holland) NV, GarantiBank International NV, National Bank of Kuwait International (London), Standard Bank, Arab Bank, Burgan Bank, Deutsche Bank (Dubai), Doha Bank, Islamic Development Bank, Mashreqbank, Union National Bank, Banka Lombarda, Bank Muscat International, Banque BIA, Boubyan Bank, First Gulf Bank, HSBC, HVB, Jordan International Bank, Qatar Naional Bank (Paris), RZB, Societe Generale, The Bahraini Saudi Bank, The Commercial Bank of Qatar, UBAF, Bank of Beirut and United Bank, Ltd.
The signing ceremony included a speech by Mr. Mohammad Al Omar, Chairman of Kuveyt Turk, where he stated that Kuveyt Turk has received a commitment in excess of US$ 265 million although the initial size of the facility was US$ 100 million only, making it a very successful transaction. In addition, Al Omar underlined that the tenor of this facility is amongst the longest, compared to similar facilities concluded by other Financial Institutions in Turkey. He thanked the Mandated Lead Arrangers ABC Islamic Bank, Gulf International Bank and Standard Charted Bank and all participants in the facility for their relentless support and his team members who worked on this facility to make it a success story.
Mr. Ufuk Uyan, Chief Executive Officer of Kuveyt Turk highlighted that Kuveyt Turk is proud of attaining a US$ 265 million of commitment amount with the participation of 32 European and Middle Eastern banks by means of the cooperation of Mandated Lead Arrangers and Book Runners, hard work and efforts of the Kuveyt Turk and Kuwait Finance House teams and with the participants' trust in their credibility.
Mr. Uyan informed, "Within the year 2006, we opened 10 more branches making the total number of branches in Turkey to 77 in addition to an offshore branch in Bahrain. Meanwhile, it is also noteworthy, that as per the rating accorded by Fitch, Kuveyt Turk is the best rated bank among the participation banks in Turkey with a BB rating which is equal to the country rating ceiling. Comparing our results as of 30th September 2006, and same period in 2005, Kuveyt Turk total assets has grown by 45%, shareholders' equity has increased by 17% and net profit has grown by 386%. I assure Kuveyt Turk's continued commitment to contribute towards the Turkish economy and market. We will use the advantage from this Murabaha facility in small and medium size enterprises of Turkey, as part of our effort to strengthen the Turkish market and economy."
The facility has been oversubscribed with the participation of banks not only from the Gulf region but also from Europe. It has been signed and announced with a press conference on December 19, 2006 at Ciragan Palace with the presence of the above parties.
ABC Islamic Bank played the role of "Investment Agent" and both Gulf International Bank and Standard Chartered Bank played the role of "Book Runner". The Facility which was fully committed by the Mandated Lead Arrangers is closed with the participation of 32 banks and financial institutions from Europe and Middle East with a total commitment amount of more than US$ 265 million. The banks who participated in this syndicated facility of Kuveyt Turk are ABC Islamic Bank, Gulf International Bank, Standard Chartered Bank, Abu Dhabi Islamic Bank, Calyon Investment and Corporate Bank (Bahrain), Finansbank (Holland) NV, GarantiBank International NV, National Bank of Kuwait International (London), Standard Bank, Arab Bank, Burgan Bank, Deutsche Bank (Dubai), Doha Bank, Islamic Development Bank, Mashreqbank, Union National Bank, Banka Lombarda, Bank Muscat International, Banque BIA, Boubyan Bank, First Gulf Bank, HSBC, HVB, Jordan International Bank, Qatar Naional Bank (Paris), RZB, Societe Generale, The Bahraini Saudi Bank, The Commercial Bank of Qatar, UBAF, Bank of Beirut and United Bank, Ltd.
The signing ceremony included a speech by Mr. Mohammad Al Omar, Chairman of Kuveyt Turk, where he stated that Kuveyt Turk has received a commitment in excess of US$ 265 million although the initial size of the facility was US$ 100 million only, making it a very successful transaction. In addition, Al Omar underlined that the tenor of this facility is amongst the longest, compared to similar facilities concluded by other Financial Institutions in Turkey. He thanked the Mandated Lead Arrangers ABC Islamic Bank, Gulf International Bank and Standard Charted Bank and all participants in the facility for their relentless support and his team members who worked on this facility to make it a success story.
Mr. Ufuk Uyan, Chief Executive Officer of Kuveyt Turk highlighted that Kuveyt Turk is proud of attaining a US$ 265 million of commitment amount with the participation of 32 European and Middle Eastern banks by means of the cooperation of Mandated Lead Arrangers and Book Runners, hard work and efforts of the Kuveyt Turk and Kuwait Finance House teams and with the participants' trust in their credibility.
Mr. Uyan informed, "Within the year 2006, we opened 10 more branches making the total number of branches in Turkey to 77 in addition to an offshore branch in Bahrain. Meanwhile, it is also noteworthy, that as per the rating accorded by Fitch, Kuveyt Turk is the best rated bank among the participation banks in Turkey with a BB rating which is equal to the country rating ceiling. Comparing our results as of 30th September 2006, and same period in 2005, Kuveyt Turk total assets has grown by 45%, shareholders' equity has increased by 17% and net profit has grown by 386%. I assure Kuveyt Turk's continued commitment to contribute towards the Turkish economy and market. We will use the advantage from this Murabaha facility in small and medium size enterprises of Turkey, as part of our effort to strengthen the Turkish market and economy."
