Credit Suisse named Best Foreign Investment Bank in Pakistan
Thursday, December 04, 2014
KARACHI: Credit Suisse has been declared Best Foreign Investment Bank in Pakistan by The Asset – a leading industry business publication in Asia Pacific.
The publication also named the Government of Pakistan’s US$388 million selldown in United Bank Limited as best Pakistan deal. Credit Suisse acted as sole international lead manager on the transaction in June this year.
Ali Naqvi, Head of Equities for Asia Pacific, said: “We are extremely thrilled by the recognition as Pakistan emerges as an important market in the region. This is a clear reflection of the efforts we have made in building the business and our ability to fulfill clients' objectives in the last two decades and we remain committed to this market.”
Credit Suisse is one of the most active foreign investment banks in Pakistan since the 1990s and it comprises of an offshore sales and trading platform and research capabilities, covering a number of Pakistani corporates. It is the only major international bank that has an in-house research service in Pakistan.
In the period under review, Credit Suisse executed a number of landmark capital markets transactions as well as arranged financings for the Government of Pakistan. All these deals have had a material impact to the development of the Pakistani capital markets and international investors’ appetite for Pakistan risk.
The United Bank US$388 million secondary placement was the first ever accelerated, overnight block trade out of Pakistan to international investors and marked the re-opening of both the market for Pakistan equity issuance, as well as the privatisation program of the Government of Pakistan after a seven year hiatus.
Commenting on the United Bank transaction, Rehan Anwer, Head of Frontier Markets in Investment Banking, said: “Not only was the transaction market transforming in its own way, it is also a testament of the confidence the Government of Pakistan has in Credit Suisse for its innovative solutions, quality of advice and execution. This is a result of the long standing relationship we have cultivated with the organisation.”
Credit Suisse also acted as the sole international lead arranger for the US$200 million international syndicated team financing facility for the Government of Pakistan in March 2014 and was a joint lead manager for US$172.5 million loan to the Government in November 2013.
Credit Suisse’s franchise in the Pakistan is an important part of the bank’s Asia Pacific strategy. Other house awards Credit Suisse has won across Asia Pacific in The Asset’s Triple A Country Awards 2014 include Best Foreign Investment Bank and Best M&A House in Malaysia, Best Equity House in Indonesia, first time winner of Best Foreign Investment Bank in the Philippines, Best Foreign Investment Bank and Best M&A House in Singapore, Best Foreign Investment Bank in Vietnam and Best M&A House and Best Brokerage House in Korea.