Bahrain-based Gulf International Bank (GIB) has been named the ‘Most Innovative Investment Bank from the Middle East 2012’ by The Banker magazine, at a recent ceremony held in London.

The magazine’s key criteria for granting the awards were innovation and genuine value creation for clients and markets. Its panel of independent judges looked for innovative transactions that generated cost savings, risk reduction and real returns for clients, a statement from the bank said.

Jammaz Al-Suhaimi, GIB’s chairman, said: “We are pleased to receive such a unique and prestigious award that recognises the bank’s leadership and achievements in the field of investment banking in the region. We are also delighted to know that GIB was the only bank from the Middle East to receive an investment banking award from The Banker this year.”

Dr Yahya Alyahya, the bank’s CEO, said: “GIB and its investment services subsidiary GIB Capital have one of the best and largest investment banking teams in the GCC and have completed a number of milestone transactions over the past two decades. This reflects our commitment to further strengthening GIB’s status as a leading provider of innovative corporate advisory services in the region.”

“Earlier this year GIB was also named by New York-based Global Finance magazine as the ‘Best Equity Bank in the Middle East’ and the ‘Best Investment Bank in Bahrain’. Moreover, The Banker magazine’s Deal of the Year 2012 title for the Islamic Finance-Middle East category was given to Almana Group’s $215 million Sukuk issuance, in which GIB played the role of sole book runner and joint lead manager.”

GIB’s awards were based on the recent successes of its investment banking business, the statement said. This year, GIB acted as joint book runner and joint lead arranger of the $1.5 billion bond issuance by Bahrain.

In 2011, GIB Capital - GIB’s fully owned, Riyadh-based subsidiary - advised on the Hail Cement Company IPO of SR489.5 million in Saudi Arabia (KSA). This was the largest IPO of the year in the Kingdom and the second-largest IPO in the entire region in 2011.

On the debt side, the bank concluded a number of major transactions in the past couple of years. It arranged SR8.5 billion contracting facilities for the Saudi Binladin Group for the expansion and development of King Abdulaziz International Airport in Jeddah.

In addition, GIB Capital acted as joint lead manager and joint book runner for Ajil Financial Services Company’s privately placed SR500 million sukuk, issued via Ajil Cayman - a limited liability special-purpose company incorporated in the Cayman Islands.

GIB and GIB Capital offer innovative solutions in the fields of financial restructuring, private placements, private sale, IPOs, underwriting equity as well as mergers and acquisitions.

The bank provides client-focused, innovative financial products and services to a wide customer base in the region, including asset management, IPOs, private equity placement, mergers & acquisitions, sukuk/bond issues and Sharia-compliant banking services. – TradeArabia News Service