Bahrain-based Gulf International Bank (GIB) said it has won the 'Best Equity Bank in the Middle East' and 'Best Investment Bank in Bahrain' awards from the Global Finance magazine.

The editors, with input from industry experts, used a series of criteria to arrive at their selection for the awards, said a GIB statement.
 
The criteria included market share, number and size of deals, customer service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing and after-market performance of underwritings.

GIB said it had won the awards based on the recent successes of its investment banking business.

In 2011, GIB Capital, GIB's fully-owned, Riyadh-based subsidiary, advised on the Hail Cement Company initial public offering of SR489.5 million ($130.5 million) in Saudi Arabia.

This was the largest IPO of the year in Saudi Arabia and the second-largest in the region.

The award for Best Equity Bank in the Middle East emphasises GIB Capital's position as the only investment bank in Saudi to have brought at least one transaction to the market every year since 2008 despite difficult market conditions.

In 2010, GIB had advised on the Alba IPO in Bahrain, acting as the regional lead manager.

"We are pleased to receive these two prestigious awards that recognise our leadership and achievements in the region's investment banking field," said chief executive Dr Yahya Alyahya.

"GIB and GIB Capital have one of the best investment banking teams in the GCC and have completed a number of milestone transactions over the past two decades. This reflects our commitment to strengthening GIB's status as a leading provider of corporate advisory services in the region," he added.-TradeArabia News Service