Best bank – National Bank of Bahrain
Best local partner – National Bank of Bahrain
Best debt house – BNP Paribas
Best equity house – Securities & Investment Company
National Bank of Bahrain, the country’s largest domestic bank, has continued to grow its leading market share in domestic wholesale and retail markets despite stiff competition from rivals such as Bank of Bahrain & Kuwait. It continues to play a leading role in arranging and underwriting the largest syndicated loans and project finance deals in the country, including the January 2003 $1.35 billion term loan for Aluminium Bahrain and several of the biggest regional deals.
NBB was also co-bookrunner with Kuwait Finance House on Bahrain’s first internationally marketed Islamic bond deal on May 15. A conservative, efficient, and highly profitable lender, it also enjoys the highest credit rating in the country.
NBB’s high status in Bahrain, including being a major provider of liquidity in the interbank and Bahraini dinar markets, and close government connections also make it the best local partner. It recently set up a corporate advisory and privatization desk, expected to play a key role in sales in the power, telecom, and port sectors. It is also the cash management partner of choice for international providers such as JPMorgan.
Securities & Investment Company takes the award for best equity house once again. It is the largest and most active broker on the Bahrain Stock Exchange, with a market share of 40% over 2002. It pioneered market making on the exchange and is a leading provider of equity research.
BNP Paribas narrowly scoops the best debt house award from HSBC. The bank acted as mandated arranger on the largest number of syndicated loans, although HSBC underwrote a larger dollar total. BNP Paribas wins because of its part in introducing the sovereign to the international bond market on its debut in January 2003. BNP Paribas was co-bookrunner with Citigroup.
