Akin Gump Advises Kuveyt Turk on Debut Tier 1 Capital Certificates
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(Dubai, United Arab Emirates) – International law firm Akin Gump has advised Kuveyt Turk Katilim Bankasi A.S. (Kuveyt Turk), one of the leading Turkish participation banks majority-owned by Kuwait Finance House, in the debut issuance of $200 million perpetual Tier 1 Capital Certificates, listed on the regulated market of the Irish Stock Exchange plc, trading as Euronext Dublin.
The certificates were issued on July 16, 2019, through KT One Company Limited, a Cayman Islands incorporated special purpose vehicle.
Ufuk Uyan, the chief executive officer of Kuveyt Türk, commented: "The Basel III compliant Tier 1 Capital Certificates will raise the capital adequacy ratio of our bank allowing for stronger growth."
“This is an important regulatory capital-raising transaction for Kuveyt Turk" added Akin Gump partner Rizwan Kanji, who led the Akin Gump team. “We are delighted to have assisted Kuveyt Turk on this successful Tier 1 capital issuance.”
In addition to Mr. Kanji, the Akin Gump debt capital markets and Islamic finance team advising Kuveyt Turk included counsel Hamed Afzal in Dubai and Inderveer Hothi in London and associate Herman Park, also in London.
The sole manager on the transaction was KFH Capital.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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