Last checked at 3 Feb 2015 11:27
For immediate release
Commercial Bank leads in a joint mandate club deal to Joannou & Paraskevaides (Overseas) Limited in excess of QAR1Bn
Doha, Qatar: Commercial Bank, Qatar's first private bank has successfully concluded a financing arrangement of QAR 1Bn in extended financing facilities to Joannou & Parakskevaides (Overseas) Limited for the award of the construction project of the West Corridor, for Public Works Authority (Ashghal). The contract was awarded to the joint venture Joannou & Parakskevaides (Overseas) Limited (75%) and J&P Avax S.A. (25%), valued at USD458 Million or QAR1.7 Bn with an estimated date of completion in 2016.
The awarded project is part of the East-West Corridor Expressway which is connecting the Industrial Area to the Hamad International Airport. This project comprises a 10.5 km long section starting from west of the future Inner Orbital and extends to the west of the proposed Barwa City Access. The main road consists of 10-lanes section (5lanes in each direction) and four major interchanges.
Commercial Bank led the club deal along with one of the major regional banks for facilitating finance in excess of QAR1Bn. The financing facility was shared equally between the two Joint Lead Mandate Arrangers with Commercial Bank retaining the Security and Facility Agent.
Commercial Bank CEO Abdulla Saleh Al Raisi said: "Commercial Bank is proud to finance large-scale infrastructure projects in Qatar such as the West Expressway. These projects are essential for accelerating growth of the private sector ahead of the 2022 World Cup and addressing Qatar's long-term infrastructure needs resulting from a rapidly rising population. As one of the leading Qatari banks in Wholesale banking, Commercial Bank is playing a key role in the realisation of the National Vision 2030 by supporting Qatari and international construction companies with project finance".
Joannou & Paraskevaides (Overseas) Limited was established in 1961 in Guernsey, Channel Islands and has progressed to become one of the region's leading construction enterprise with activities in Europe, the Middle East, Asia and Africa. The Company's activities cover the entire spectrum of construction business, including, roads and infrastructure, airports and buildings, and project support services for the energy and industrial sector. In addition, the Company also provides contracting services for electrical and mechanical projects and advisory services for project finance transactions.
The Group was founded in the Middle East since more than 50 years with an established branch in Qatar since 1998. The Group is specialised in mega project and operating throughout GCC and Middle East Branches.
**Ends**
For more information, please contact:
Qatari media
Ibrahim Al-Emadi
Head of Corporate Communications
Commercial Bank
Tel: +974 4475 4748
Email: ibrahim.alemadi@cbq.qa
Notes to Editors
About Commercial Bank
Commercial Bank has total assets of QAR 114 billion as at 30 September 2014. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank's countrywide network includes 31 full service branches and 152 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank's GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 3.4 billion as at 30 September 2014, has 62 branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. UAB is headquartered in Sharjah, with total assets of AED 25.2 billion as at 30 September 2014, and operates 28 branches across the emirates in the UAE. Building on the successful execution of the Bank's expansion strategy to date, Commercial Bank completed the acquisition of a majority stake in Alternatifbank in Turkey in July 2013.
Commercial Bank enjoys strong credit ratings of (A) from Fitch, (A1) from Moody's and (A-) from Standard & Poor's. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) as well as bonds on the London Stock Exchange. Commercial Bank's Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland. Commercial Bank's latest bond issuance in June 2014 is listed on the Irish stock exchange.
The Bank is dedicated to supporting Qatar's community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters and the Grand Prix of Qatar Moto GP reflects the Bank's promotion of excellence in sports and its keen interest in enhancing Qatar's international sporting reputation. To reinforce Qatar's flourishing cultural environment, Commercial Bank is the strategic partner of the Katara Cultural Village. This collaboration symbolises the Bank's commitment to supporting cultural activities in Qatar and making the country a regional arts and cultural hub.
www.cbq.qa
About Alternatifbank (ABank)
ABank was established in 1991 and has been listed on the Istanbul Stock Exchange since 1995. Commercial Bank became the majority shareholder in ABank in 2013 holding a 74.24% stake, following the acquisition of ABank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. Anadolu Group remains a significant shareholder retaining 25% of shares in ABank.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 73 branches in 27 cities. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. The Bank's main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management. The Bank has also recently made a strategic decision to re-enter Retail Banking, targeting the "mass affluent segment" in terms of customer profile with tailor made products.
At 30 September 2014, ABank had total assets of TL 11.7 billion, total loans stood at TL 7.9 billion, customer deposits of TL 5.4 billion and shareholders' equity of TL 883 million.
http://wwweng.abank.com.tr