By Sulaiman Redha
DUBAI, Oct 9 (KUNA) - Warba Bank listed 500 instruments at the value of USD 500 million in NASDAQ Dubai exchange market, with a profil value of 2.5 percent for a period of five years, the Bank's Chief Executive Officer Shaheen Al-Ghanim announced earlier on Wednesday.
He added in remarks to KUNA that this listing comes as a total package from which USD 500 million were listed today ,where the remaining would be listed according to the bank's need.
The amounts to be collected from the instruments listing would be used to reform the bank's short and long term financial commitments, as Warba is considered as the most developing bank in Kuwait, he said.
Listing the Bank's instrument in Dubai came as this city is a regional center for this kind of financial tool, as most international financial institutions are locates in NASDAQ Dubai, he affirmed.
The Bank's net profit climbed up by 25 percent on an annual base in the first half of 2019 to reach KD 6.5 million- ( around USD 21.3 million) -with share profit of 2.69 fils, he said.
Warba Bank was established in 2009 upon a governmental initiative with a capital of 150 KD million- (USD 493 million) - and the Kuwaiti government owns 33.5 percent of the Bank's shares through Kuwait Investment Authority and The Public Institution for Social Security. (end) smr.lb