BBK’s Perpetual Tier 1 Capital Awarded
18 يناير 2017
BBK, Bahrain’s pioneer retail bank, was awarded at The Bonds, Loans & Sukuk Middle East 2016 Awards ceremony, which is a prestigious ceremony administered by GFC Media Group. The award is aimed to reward issuers, their Arranging Banks, and/or any advisors which have concluded a successful financing deal during a year, and the deals have to be based in the Middle East (UAE, Saudi Arabia, Qatar, Jordan, Bahrain, Kuwait, Oman, Yemen, Lebanon, Iraq and Egypt).
The award is granted for thirteen different categories, where it was judged by a committee panel consisting of the most influential international investors in the banking and finance industry. Each individual member of the committee panel is renowned for excellence within their specialty and collectively have over 1000 years’ experience within fixed income markets, meaning their decision-making is well informed and highly credible.
The selection panel committee selected the top three deals from each category with the highest scores, based on various specific criteria. BBK was the only conventional bank shortlisted within top three deals of the year in the “Financial Institution Financing Deal of the Year” category, where awarded the third place “Finalist tombstone”,
The ceremony was held on 7th December 2016 in Dubai and attended by over 300 of the region’s leading capital markets executives alongside their corporate clients. Mr. Mohammed Abdulla, BBK Group Chief Financial Officer attended the event and received the tombstone on behalf of the Bank.
On this Occasion, Mr. Reyadh Sater, BBK Chief Executive commented “We are delighted to receive this award which is a testament on how well BBK issuance was received by the investors and the market, and a true reward for the efforts put in the arrangement by the bank’s management, the arrangers, the lawyers, and the auditors”
Earlier in the year, BBK launched the first-of-its-kind BHD-denominated tier 1 perpetual convertible capital securities in the region. The offering was well received by investors enabling the Bank to beef up its regulatory capital and fund its future strategic initiatives. The subscribed capital securities totaled BHD 86.1 million, which represents 86.1 per cent of the total subscription offering, surpassing the minimum threshold of BD 60 million by a significant margin. The very positive result represented a vote of confidence in the Bank’s on-going development; and the continued support of its shareholders, who number more than 2,000 institutions and individuals.