Al Salam Bank announces sale of key stake in Seef Properties
The exit of Seef Properties forms part of a broader Group optimization strategy designed to expand and reinforce focus on core banking operations and the Group's strategic holdings in banking, takaful, and asset management.
ASB Capital, the Group's asset management arm, was appointed by Al Salam Bank as sell-side advisor.
Under this, ASB Capital's key role will be to assist in sourcing, structuring and executing the exit of its significant minority stake in Seef Properties.
Launched earlier this year with a starting assets under management (AUM) of $4.5 billion, ASB Capital recently launched its investment banking offering covering advisory, transaction mandates, capital market solutions, and other bespoke offerings across various asset classes.
On this transaction, Rafik Nayed, Group Chief Executive Officer of Al Salam Bank and Managing Director of ASB Capital, said: "This transaction represents our continued commitment to exit non-strategic holdings as part of a group-wide optimization initiative."
"Aligned with our strategy, we are reallocating capital and focus towards growing core banking operations and expanding our strategic holdings in banking, takaful, and asset management- sectors that offer long term value and operational synergies within the context of the Group," he noted.
Additionally, Nayed said: "ASB Capital's role in facilitating the transaction, despite global market volatility, underscores the strength of our expertise and execution capabilities in transaction advisory and capital markets."
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