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Ajman Bank "Lead Manager" in Zain syndication

United Arab Emirates: Sunday, November 01 - 2009 at 12:41
PRESS RELEASE

Ajman Bank, the emirate's first Islamic commercial bank, has joined as a "Lead Manager" in a syndication financing guaranteed by Zain, one of the world's largest telecommunication companies. The $360m deal was arranged by Citigroup, and closed in July 2009. Ajman Bank joined the deal at a later stage as a "Lead Manager" with a participation of $18.5m in the Islamic tranche.

The participation is in line with the bank's core strategy and plans to expand operations across all business sectors in the UAE and the region. Ajman Bank is set on building quality assets through strategic relationships with successful blue chip companies like Zain that enjoy a solid position in the market, strong track record, and viable financials.

Ajman Bank believe the telecommunication sector is a promising sector in the region and had proven to be more sustainable than other sectors especially during challenging market dynamics.

Acting CEO of Ajman Bank, Ali E Alshaqoosh Al Mueen commented on the participation:
"We are very selective in picking up the right opportunities and in tying up with reputable names within Ajman Bank's overall risk appetite. We want to ensure we maximize our shareholders' expectations and strengthen confidence in Ajman Bank."

Ali E Alshaqoosh Al Mueen added, "We are delighted to have worked on this syndication with a reputable financial institution such as Citigroup. This deal shall be considered a milestone for Ajman Bank in its first year of operations. We expect it to be the first of many similarly strategic transactions and achievements for Ajman Bank supported by the wise directions of its Board of Directors.

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Related site: http://www.ajmanbank.net

Notes and media contacts

About the company:

Ajman Bank is a commercial bank that will provide a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with shariah principles. Ajman Bank seeks out the market's best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate's economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.

For more information, please contact:

Wael Karbala
cohn&wolfe
PR Manager
Tel: +971 4 3310331
Fax: +971 4 3310553
API Tower, 8th Floor, Sheikh Zayed Road, P.O. Box: 60416, Dubai, UAE

Posted by Husam Odiabat
Sunday, November 01 - 2009 at 12:41 UAE local time (GMT+4)

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Ajman Bank "Lead Manager" in Zain syndication

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