Warba Bank, a leading bank in Kuwait, has acquired an equipment leasing portfolio managed by ATEL Capital Group, an independent equipment lessor based in the US.

With this, Warba Bank has become the first Kuwait enterprise to invest with the company, a statement said.

 As part of the transaction, the bank has initially invested $8.2 million in a diversified portfolio of operating leases comprising of high-quality low-tech low-obsolescence mission-critical equipment leased to investment grade corporations in United States.

ATEL has originated and managed over $2 billion of equipment leased to primarily investment grade US corporations, according to the statement.

The acquisition also brings ATEL together with Warba Bank’s expertise in providing innovative sharia-compliant financing solutions to its customers. This acquisition is also an important step in adding high quality and innovative assets to Warba Bank’s portfolio while strengthening its competiveness in the local marketplace.

“This is a very exciting opportunity for Warba Bank and enables us to further extend our leadership position in marketplace,” said Shaheen Hamad Al-Ghanim, deputy CEO for Investment & Treasury, Warba Bank.

“ATEL Capital Group is a globally respected equipment leasing firm with a dedicated team of investment professionals who have extensive experience and knowledge of the US market, with an ambition to expand its geographical footprint.

“The bank’s strong reputation in Kuwait, combined with ATEL’s global expertise in the equipment leasing sector undoubtedly provides a strong foundation for a successful partnership.  This acquisition is an important step in our strategy of seeking international exposure and diversifying the assets and a new chapter in the Warba Bank story,” he added. – TradeArabia News Service