Unicorn Capital Saudi Arabia receives CMA license
Riyadh, 11 November 2008: Unicorn Investment Bank B.S.C. (c) announces that it has been awarded a license by Saudi Arabia’s Capital Markets Authority (CMA) to establish operations in the Kingdom, subject to the receipt of a commencement letter from the CMA. Sheikh Yousef A. Al-Shelash, Chairman of the Board of Directors of Unicorn Investment Bank, is also nominated to become Chairman of Unicorn Capital Saudi Arabia.
In keeping with the Unicorn Investment Bank culture and mission, Unicorn Capital Saudi Arabia will focus on providing the market with an integrated and comprehensive range of Islamic investment banking products and services, with an emphasis on delivering exceptional value and tailored solutions. The company’s approved lines of business are: Dealing as Principle, Agent, Underwriting, Managing, Arranging, Advising, and Custody in the Securities Business. Unicorn Capital Saudi Arabia will bring to the market the full support and depth of an established Islamic investment bank.
Commenting on the licensing, Sheikh Yousef A. Al-Shelash said: “This strategic development, which comes under the wise leadership of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz Al Saud, is an important milestone for Unicorn Investment Bank, and our presence in the Kingdom will be instrumental in helping the Bank to achieve its vision of building a leading global Islamic investment bank. Since its inception in 2004, Unicorn Investment Bank has sought to deliver exceptional value to clients and shareholders through a focus on innovation, professionalism and integrity, and we look forward to bringing our client-driven integrated business model to Saudi Arabia.”
Mr. Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of Unicorn Investment Bank, commented: “We are thankful to Allah to have received a license to establish Unicorn Capital Saudi Arabia. Saudi Arabia is a regional economic leader with excellent long-term growth prospects, and through our presence in the Kingdom, we hope to demonstrate our commitment to serving this important market. We would like to express our sincere gratitude to the CMA for their timely review of our application, and we look forward to providing them with a value-added partner.”
Unicorn Investment Bank has nominated Mr. Ayman Amin Sejiny, Co-Founder of Unicorn Investment Bank and a member of both its senior management team and its Board of Directors, as Managing Director and Chief Executive Officer of Unicorn Capital Saudi Arabia. A seasoned banker, Mr. Sejiny has over 15 years of corporate and investment banking experience, including a successful career at both SAMBA and Saudi Hollandi Bank.
Headquartered in Bahrain, Unicorn Investment Bank operates subsidiaries in the United States, Malaysia, the United Arab Emirates and Turkey. The Bank has completed several landmark transactions since inception, including the establishment of T’azur, a regional Takaful company, and the launch of the Strategic Acquisition Fund, a US$1 billion fund established to acquire strategic stakes in and manage commercial banks globally. Most recently, the Bank announced an agreement to acquire Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC.