First Leasing Bank US$ 89 million share placement a grand success

With Ithmaar Bank as the placement manager, financial advisor and lead underwriter, and Shamil Bank as sub-underwriter, this compelling offer raised the capital of First Leasing Bank to a total of US$100 million.

'The strong response to the private placement reflects the market's recognition that equipment leasing and FLB have a decisive role to play in the capital formation and economic diversification of the GCC,' said Mr. James Cracco, Chief Executive Officer of FLB.

'The additional capital amount invested by FLB's shareholders will accelerate the execution of our business plan to build a diversified portfolio of equipment leasing throughout the various countries of the GCC,' he added.

To date, FLB has funded over US$30 million in leased assets, including manufacturing equipment, transportation, printing presses, power generators, construction, telecommunications and marine equipment.

'Our current and future customers likewise gain from our strategy,' continued Mr. Cracco. 'First Leasing Bank is a relationship business partner that prides itself in participating in its customers' long term business growth. FLB seeks to finance 100% of the asset value and to enter into multiple transactions with the same customer. FLB's high level of repeat business is unusual for such a new organization,' commented Mr. Cracco, 'but it is certainly a testimony to the FLB management, business philosophy, and responsiveness.'

'We intend to continue our successful strategy of aggressively but prudently pursuing compelling opportunities that will help build shareholder value,' said Mr. Khalid A. Janahi, Chairman of First Leasing Bank. 'Going forward, we intend to expand our horizon beyond the GCC region to the US market. The US is a mature equipment leasing market, which will provide portfolio diversity and balance to our GCC home market.'