Akin Gump has advised Turkish participation bank Kuveyt Turk Katilim Bankasi A.S., majority-owned by Kuwait Finance House, on its debut issuance of USD 200 million perpetual Tier 1 Capital Certificates, listed on the regulated market of the Irish Stock Exchange plc, trading as Euronext Dublin. Clifford Chance reportedly advised the sole manager on the transaction, KFH Capital.
The certificates were issued on July 16, 2019, through KT One Company Limited, a Cayman Islands incorporated special purpose vehicle.
Kuveyt Turk CEO Ufuk Uyan commented: "The Basel III compliant Tier 1 Capital Certificates will raise the capital adequacy ratio of our bank allowing for stronger growth."
The Akin Gump team was led by Dubai-based Partner Rizwan Kanji and included Counsels Hamed Afzal in Dubai and Inderveer Hothi in London and Associate Herman Park, also in London.