Oasis International Leasing Company PJSC (“Oasis”) today signed an agreement with Bahrain-based Addax Bank, finalizing its acquisition of a 42.5 percent stake in Addax. This follows a Memorandum of Understanding signed by the two parties on October 24, 2007.
The agreement was signed in Abu Dhabi by Oasis Chairman HE Hussain Al Nowais and Yousef Al-Essa, CEO of Addax Bank.
According to the agreement, Oasis Leasing will be represented on Addax's Board of Directors with Al Nowais as the Chairman. Waleed Al Mokarrab Al Muhairi, Samer Raja Al Haj, and Salim Rashid Al Noaimi, will be Board Members. The leading investment bank operates under the supervision of the Central Bank of Bahrain.
Al Nowais said the strategic acquisition will support Oasis' plans to expand in the financial sector. "I am confident that this acquisition will also strengthen Addax Bank's status and its competitiveness in the region and the international markets, bringing more benefits for the shareholders of both Oasis and Addax."
"Oasis’ strategic share in Addax is an excellent opportunity to create new opportunities in the region brought about by the rapid growth of Gulf economies particularly that of Bahrain, Saudi, Qatar and Kuwait where the bank has a notable presence," Al Nowais added.
“We are very proud about our association with Oasis, which enjoys a great reputation in the region. We will combine Oasis’ financial strength and considerable experience and expertise in regional and international leasing operations with Addax's strengths as an investment bank to leverage the growing business opportunities in the regional market, “Al-Essa said.
"Addax has established a reputation for offering unique and innovative investment opportunities to its clients. This was recognized last May when Addax was voted the “Best New Bank” during the Banker Middle East 2007 Industry Awards" he added.
Addax Bank is active in the full range of investment banking services including investment funds, real estate investment funds and secured funds. In the past 4 years Addax has completed transactions in hospitality, education, real estate, IT, aviation, infrastructure, media, and financial services.
The finalization of the bank share buyout comes in the wake of another recent strategic move by Oasis in the financial sector. In November, Oasis signed a joint venture agreement with the United Kingdom’s Blenheim Capital Partners Limited, a joint venture between Summit Overseas Development Ltd and Barclays Capital, to establish Waha Financial Services (WFS) in Abu Dhabi. WFS will specialize in structured finance and risk management solutions. WFS will initially focus on meeting the market demand for this specialized service in the UAE and the Middle East and North African (MENA) region.
Oasis Leasing announced a restructuring plan early this year, which was approved at the annual general meeting in May. As part of the restructuring, Oasis Leasing will become “Waha Capital” under which four subsidiaries will be established: ‘Waha Leasing’, ‘Waha Land’, ‘Waha Maritime’ and ‘Waha Financial Investments’.
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