The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / Reuters
Warba Bank, a Kuwaiti sharia-compliant lender, is syndicating a $250 million debt facility, its first in the syndicated loan market, sources familiar with the matter said on Tuesday.
The financing is Warba’s latest fund-raising exercise after its issue in March of $250 million of Tier 1 sukuk, as the lender seeks to boost its capital ratios and improve liquidity buffers.
Abu Dhabi Commercial Bank, Bank ABC, Boubyan Bank and First Abu Dhabi Bank are leading the three-year deal, said one of the sources.
Moody’s on Tuesday affirmed Warba Bank’s Baa2 rating and maintained its outlook as stable, citing the “very high probability of government support in case of needâ€. The government of Kuwait has 31 percent direct and indirect ownership in the bank, Moody’s said.
Warba Bank’s profits improved in the first half of 2017, with profit attributable to shareholders up to 2.5 million dinars ($8.3 million) from 455,000 dinars a year earlier, as operating revenues climbed to 16.8 million
dinars from 10.1 million dinars.