Dentons has advised Warba Bank on its tender offer in respect of its outstanding US$250,000,000 Tier 1 Capital Certificates and a new debt issuance of US$250,000,000 Tier 1 Capital Certificates, both of which completed on 29 November 2021. The amount of existing Tier 1 Capital Certificates tendered and redeemed was US$101,947,000. Dentons has also previously advised Warba Bank on its debut Tier 1 Capital Certificates issuance in 2016. This is the latest Additional Tier 1 transaction in a long list of capital transactions that the Dentons team has advised on across the GCC in recent years.

Standard Chartered Bank acted as global coordinator and Abu Dhabi Islamic Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Kamco Invest, Standard Chartered Bank, The Islamic Corporation for the Development of the Private Sector and Warba Bank acted as joint lead managers in respect of the new issue. HSBC, Emirates NBD Bank and Standard Chartered Bank acted as dealer managers in respect of the tender offer.

The Dentons team was led by Alex Roussos, with assistance from senior associate James Osun-Sanmi, associate Sana Siddiqui, trainee solicitors Farhat Raza, Faris Al Ramahi and paralegal Deri Molyneux.