Emirates Bank Group joins as strategic shareholder in Al Baraka Banking Group

Such participation is believed to consolidate, directly or indirectly, the presence of Emirates Bank Group in many important markets such as Turkey, Egypt, Jordan, Algeria, Lebanon, Tunisia, Sudan and South Africa. Especially that these markets have strong economic, commercial, financial and investments ties with the United Arab Emirates and the region. Therefore, gaining access to such markets through the comprehensive and solid network of branches and banking units of Al Baraka Banking Group shall have significant positive impact for the Emirates Bank Group.

Mr. Al Shamsi added,

'Emirates Bank Group will also participate in the Initial Public Offering of Al Baraka Banking Group at the end of this month due to Emirates Bank Group belief in the importance of this IPO as well as the many advantages that it offers when compared with the current IPOs offered in the market.'

Commenting on Emirates Bank Group participation, Mr. Adnan Ahmed Yousif, the CEO of Al Baraka Banking Group, said 'The participation of Emirates Bank Group in Al Baraka Banking Group, as a strategic shareholder, represents an added value to our Group. Emirates Bank Group has a substantial weight in the financial markets and in Islamic banking, which will consolidate our partnership in the business opportunities and the lucrative projects in our markets, this participation will also have its positive impact on the shareholder' equity in both Groups.

Mr. Adnan added, 'I take this opportunity to announce that we have obtained the approval of Dubai International Financial Center for listing the shares of Al Baraka Banking Group in the market. We are confident that this step will have tremendous privileges for the two groups and for the investors due to the good reputation of DIFC in respect of the liquidity, transparency and the good reputation.

Commenting on the IPO, Mr. Adnan Ahmed Yousif said, 'this is a strategic move and we hope it will be successful, it will add a great depth to our financial sources and our financing and investing capabilities. It will also enable us to strengthen the capitals of the Group's banks, which achieved good results for the group such as the Group's banks in Turkey, Egypt, Algeria and Jordan in addition to expanding in new regions and markets. Furthermore, this step will consolidate our position as a leading Islamic banking group with the widest network of banking units and branches amongst the other financial establishment and Islamic banks.

Al Baraka Banking Group in coordination with its IPO financial advisor, Gulf International Bank, have concluded this month all the necessary preparations for the Initial Public Offering of the shares to individual investors, establishments and governments. The preparations were executed efficiently and will facilitate the subscription process for the public.

The initial public offering of Al Baraka Banking Group shares consisted of two phases: in the first phase, the strategic investors representing establishments, governments and big investors were invited for subscription. This invitation received huge response as the offering was an attractive investment opportunity and due the confidence of the investors in the company businesses, activities as well as the expected returns, knowing that the Group has allocated US$ 400 millions for the investors in these stage.

As per the timeline agreed upon with the financial advisor, Al Baraka Banking Group is planning the shares offering to the public in the second stage of the subscription within this month. That is after obtaining the necessary legal and administrative approvals and after preparing the necessary data for listing the Group's shares in Bahrain and Dubai financial markets. The two markets are known for their good reputation in the light of their significant activities and enjoy discipline which will ensure that the IPO will be concluded in a smooth and secure manner.

Al Baraka Banking Group is a leading global Islamic bank offering retail, corporate and investment banking services in addition to treasury services in compliance with Islamic Sharia. The Group registered capital is US Dollars 1.5 billion. The Group has vast geographical presence in the form of subsidiary banking units in 10 countries, which carry out their operations through approximately 200 branches. These banking units are Al Baraka Algeria Bank and Al Ameen Bank (Bahrain), Al Baraka Islamic Bank (Bahrain), Egyptian Saudi Finance Bank (Egypt), Jordon Islamic Bank (Jordon), Al Baraka Lebanon Bank (Lebanon), Al Baraka United Bank (South Africa), Al Baraka Sudanese Bank (Sudan), Saudi Tunisian Finance Bank (Tunisia), Al Baraka Turkish Shareholding Bank and Al Baraka Bank (Pakistan).