Baku, Azerbaijan, Feb.23
By Azad Hasanli - Trend:
Warba Bank has successfully arranged a $150 million Shari'ah-compliant syndicated facility for financing the International Bank of Azerbaijan (IBA), CPI Financial, a division of CPI (Corporate Publishing International), one of the UAE's leading IT, business and consumer publishing houses reported Feb.23.
In a press statement, the Bank said it participated with a stake of $20 million in this transaction along with J.P. Morgan Bank, Citigroup, Barwa Bank, Al Hilal Bank, Noor Bank and Dubai Islamic Bank.
Shaheen Al Ghanem, the Deputy CEO of Warba Bank, noted that the transactions are in line with the bank's strategy to expand into new regional and international markets and provide Shari'ah-compliant financing solutions to new and diverse customers.
Warba Bank was established by an Amiri decree on April 5, 2010. The Kuwait Investment Authority has 24 percent share in the bank and the rest is owned by Kuwaiti citizens.
International Bank of Azerbaijan is the largest bank in Azerbaijan and in the region. The bank's assets amount to about $12 billion. IBA is a universal bank with subsidiary banks in Russia, Georgia and Qatar, as well as representative offices in London, Frankfurt, Luxembourg, Dubai and New York. IBA is 50.2 percent owned by the state.
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