Gulf International Bank B.S.C. (GIB) has received a prestigious award from Malaysia's leading credit-rating agency Ram Ratings (RAM) following its establishment of a Malaysian Ringgit (MYR) Medium Term Note Program.GIB was one of only three GCC financial institutions to receive the Award – First RAM-rated Foreign Entity – which was presented to the Bank at RAM's 10th League Awards' ceremony which was held on 19th April 2013 in Kuala Lumpur. GIB was the first Bahrain-based financial institution to be rated by RAM.
In their press release, RAM Ratings stated that "GIB joins an elite league of prominent RAM-rated entities and ringgit issuers from France, Hong Kong, Indonesia, Japan, Kazakhstan, Kuwait, Saudi Arabia, Singapore, South Korean and the United Arab Emirates."
Dr. Yahya Al-Yahya, GIB's Chief Executive Officer stated that "the Malaysian financial sector has been developing rapidly and we are pleased to be in a position to access the Malaysian market in order to diversity the Bank's funding sources."
"It is an honor to receive the First RAM-rated Foreign Entity Award on behalf of the Bank", commented GIB Managing Director and Chief Financial Officer, Mr. Stephen Williams, on being presented with the award by the Chairman of the Securities Commission Malaysia, Ranjit Singh, at the Awards' ceremony in Kuala Lumpur.
During 2012, GIB was successful in establishing a MYR 3.5 billion Sukuk Al-Wakalah Medium-Term Note program, which was rated AA1 by RAM.
Gulf International Bank (GIB) is a leading bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) States. The Bank is owned by the six GCC governments, with the Public Investment Fund of Saudi Arabia holding a majority stake (97.2 percent). GIB has branches in London, New York, Riyadh, Jeddah, and representative offices in Beirut and Abu Dhabi, in addition to its main subsidiaries, Gulf International Bank (UK) Limited, and Riyadh-based GIB Capital.
RAM (Rating Services Berhad) was established in November 1990 as Malaysia's first credit-rating agency by the country's Central Bank, as a strategy to promote and develop its domestic bond market. Through its 23-year track record, RAM has rated a cumulative 1,983 bond and sukuk issues valued at USD 267 billion. RAM is recognized as the world's leading sukuk rating agency, and has been a growing voice in the international credit-rating scene following the launching of its global and ASEAN rating scales.