Fintech PR
Azentio Software’s iMAL™ powers Kurdistan International Islamic Bank’s digital transformation journey
SINGAPORE, Jan. 25, 2024 /PRNewswire/ — Kurdistan International Islamic Bank for Investment and Development (“KIB”), a leading Islamic financial institution in Iraq, has embarked on a digital transformation journey with the adoption of iMALTM, the industry-leading Islamic core banking platform from Azentio Software, a Singapore-headquartered technology firm owned by funds advised by Apax Partners.
The iMALTM implementation will enable a robust digital foundation for KIB to achieve its growth strategy in Iraq and the region, by providing its customers with user-friendly, high-quality services and an omnichannel experience.
iMALTM offers full compliance with AAOIFI’s Sharia and financial accounting standards. The latest version of the solution will help KIB cover all aspects of Islamic finance, investments, deposits, treasury, and capital markets, and will equip the bank to launch new and innovative Sharia-compliant products at an accelerated pace. This version also features advanced encryption and security standards to protect against even highly sophisticated electronic piracy attacks.
For a more comprehensive solution, Azentio’s Financial Crime Management and Anti-Money Laundering system will be integrated with iMALTM. It will help KIB efficiently monitor all financial activities, combat potential financial crime and money laundering incidences in accordance with international regulatory and compliance requirements. It includes KYC, sanctions screening, holistic risk scoring capabilities and comprehensive case management with analytical and investigative tools to increase operational efficiency and help detect and report suspicious transactions.
Sheikh Salar Hakim, Chairman of the Board of Directors of KIB, said, “We selected Azentio based on its extensive experience in developing and implementing Islamic banking solutions at leading financial institutions around the world. Backed by Azentio’s iMALTM, we are determined to move forward with our plan towards digital transformation that will ensure highly efficient customer service in Iraq and abroad, and which will improve our competitiveness exponentially. The omnichannel solution will accelerate customer onboarding and digital adoption, while simplifying our banking operations across channels, applications, and mobile phones.”
Krish Narayanaswami, Managing Director – Banking, Financial Services, and Insurance, at Azentio, said, “We are excited to collaborate with KIB to enable them to effortlessly scale their operations and launch innovative solutions that drive growth and improve customer experience. With its feature-rich portfolio, iMALTM will help KIB address the stringent demands of digital transformation. The new version comes with exceptional features and functions that are imperative to operate according to the rules of the Islamic Sharia. All these will enable KIB to improve its operational efficiency across departments, divisions, and branches, while giving it the agility to expand its business and its customer base.”
About Azentio Software
Azentio provides mission-critical software products across Asia Pacific, Middle East, Africa and India to banks, financial services providers, and insurers. It also provides ERP solutions to mid-market enterprises.
Logo: https://mma.prnewswire.com/media/1978771/Azentio_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/azentio-softwares-imal-powers-kurdistan-international-islamic-banks-digital-transformation-journey-302043296.html
Combined group would create an industry leader with an extensive global product portfolio and financial strength to support long-term growth objectives
TORONTO and LONDON, Nov. 29, 2024 /PRNewswire/ — ABC Technologies (the “Company”) today announces that it has reached an agreement on the terms of a recommended all-cash offer for the acquisition by ABC Technologies Acquisitions Limited of the entire issued and to be issued ordinary share capital of TI Fluid Systems plc (“TI Fluid Systems”).
TI Fluid Systems is a London-listed, market-leading global manufacturer of thermal and fluid system solutions for the full range of current and developing vehicle architectures. Operating across 27 countries and serving all major automotive manufacturers, TI Fluid Systems has a commitment to operational excellence and sustainability worldwide.
Together, ABC Technologies and TI Fluid Systems will enjoy an expanded global footprint and enhanced product portfolio. This will allow access to a broader and more diversified range of customers, including some of the largest and most recognizable automotive OEMs and Tier One suppliers worldwide.
“This transaction is a transformative strategic opportunity which unlocks value for all of our stakeholders and provides a platform for further growth,” said Terry Campbell, President and CEO, ABC Technologies. “A combined business will enable us to better serve our customers, and I am excited for our teammates as we continue to build a winning future. We will be persistent in seeking alignment with organizations that have proven capabilities to further ABC’s success story.”
Combining the rich heritages of ABC Technologies and TI Fluid Systems – both established leading manufacturers across different product segments – will create a business that benefits from an enhanced go-to-market proposition and greater financial strength to support the long-term growth objectives and a winning vision for the future. ABC Technologies is majority-owned by funds managed by affiliates of Apollo Global Management, Inc.
Under the terms of the transaction, shareholders of TI Fluid Systems will be entitled to receive 200 pence a share, valuing TI Fluid Systems at an enterprise value of approximately £1,831 million.
The Acquisition is currently expected to complete in H1 2025, subject to shareholder and other relevant legal and regulatory approvals.
Lazard acted as lead financial advisor to ABC Technologies; Citi, TD Securities and Scotiabank also acted as financial advisers.
Kirkland & Ellis International acted as legal advisor to ABC Technologies and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisor in respect of regulatory and financing matters.
This press release must be read in conjunction with the Rule 2.7 announcement which is available on the London Stock Exchange RNS and along with other documents related to the transaction on www.projectgolfoffer.com.
About ABC Technologies
ABC Technologies is a leading global manufacturer and supplier of custom, highly engineered, technical plastics, and light-weight innovations to the North American light vehicle industry. Serving more than 25 major original equipment manufacturer customers in 8 countries, the Company is strategically placed to offer vertically integrated product and process solutions through a skilled workforce of over 11,000 team members. ABC Technologies is majority owned by certain of the affiliated funds of Apollo Global Management, Inc. and its subsidiaries, with funds managed by Oaktree Capital Management, L.P. owning a minority equity interest in ABC Technologies. Additional information about the Company can be found at www.abctechnologies.com.
Additional Information
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. Any offer (if made) will be made solely by certain offer documentation which will contain the full terms and conditions of any offer (if made), including details of how it may be accepted.
View original content:https://www.prnewswire.co.uk/news-releases/abc-technologies-announces-recommended-offer-to-acquire-ti-fluid-systems-302318634.html
STOCKHOLM, Nov. 29, 2024 /PRNewswire/ — Hoist Finance AB (publ) has successfully issued SEK 700 million of senior non-preferred bonds with a tenor of 4.25 years. The bonds were issued under Hoist Finance’s EMTN program and were priced at 3-months STIBOR +250 basis points.
“I am very pleased to announce Hoist Finance’s first broadly distributed issue of senior non-preferred bonds, which was met by strong demand from more than 20 Nordic investors. This is the first senior non-preferred bond issue by a Nordic non-SIFI bank. This issuance marks an important step for our strategy to promote continued growth while maintaining a cost-efficient capital structure and supporting our investment grade credit rating from Moody’s,” says Harry Vranjes, CEO of Hoist Finance.
The proceeds from the bond issue will be used for general corporate purposes. The instruments will be listed on the regulated market Irish Stock Exchange plc, known as Euronext Dublin. The bonds are expected to be rated Ba1 by Moody’s.
Senior non-preferred bonds
Senior non-preferred bonds are subordinated to senior preferred bonds in the hierarchy of repayment.
For more information, please contact:
Karin Tyche, Chief Investor Relations and Communications Officer
[email protected]
+46 76 780 97 65
About Hoist Finance
Hoist Finance is an asset manager specialised in non-performing loans. For more than 25 years, we have focused on investing in and managing debt portfolios. We are a partner to international banks and financial institutions across Europe, acquiring non-performing loan portfolios. We are also a partner to consumers and SMEs in a debt situation, creating long-term sustainable repayment plans enabling them to convert non-performing debt to performing debt. We are present in 12 markets across Europe and our shares are listed on Nasdaq Stockholm. For more information, please visit hoistfinance.com.
This information was brought to you by Cision http://news.cision.com
View original content:https://www.prnewswire.co.uk/news-releases/hoist-finance-successfully-issues-senior-non-preferred-bonds-302318629.html
MARKING ITS NINTH STRATEGIC PARTNERSHIP WITH GLOBAL WEALTH FUNDS
MUSCAT, Oman, Nov. 29, 2024 /PRNewswire/ — As part of His Majesty Sultan Haitham bin Tarik’s state visit to the Republic of Türkiye, Oman Investment Authority (OIA), Oman’s Sovereign Wealth Fund, announced a US$500 million collaboration with Türkiye’s state-owned OYAK Fund. This joint capital allocation, with equal contributions from both entities, underscores Oman’s commitment to strengthening economic ties with global partners while advancing mutual growth and development.
This partnership will focus on investments in Oman and Türkiye, with prospects for expansion into other international markets.This initiative further reinforces OIA’s ongoing strategy to establish high-value investment alliances that deliver significant financial and strategic returns.
H.E. Abdulsalam bin Mohammed Al Murshidi, President of the Oman Investment Authority, stated: “We have built a global reputation and sufficient expertise to form impactful partnerships that bring tangible benefits to Oman’s economy. This latest collaboration with OYAK Fund seamlessly aligns with our strategic objectives to expand our investment network and secure meaningful returns.”
OYAK General Manager Süleyman Savaş Erdem added, “The joint fund we have established with the Oman Investment Authority is an indication of the trust in our country and our corporation. With this fund, we will be making investments in strategic areas not only in both countries, but also in different regions of the world. This partnership will strengthen our vision of being a global company.”
OYAK Fund brings significant resources and expertise to this collaboration, enhancing its potential to drive economic growth in both countries. Key industries targeted for investment include mining, metals, automotive manufacturing, logistics, chemicals, agriculture, food production, and energy. It also aims to facilitate technology transfer and localize expertise in Oman, fostering capacity building and knowledge sharing.
This agreement marks OIA’s ninth strategic partnership with global entities, building on successful collaborations with Saudi Arabia, Qatar, Spain, Brunei Darussalam, Vietnam, Uzbekistan, Pakistan, and India. These alliances have delivered positive outcomes, such as new investments, profitable exits, and increased capital allocations. The authority’s growing portfolio underscores its pivotal role in driving Oman’s economic diversification and international economic diplomacy.
By leveraging the expertise and resources from trusted international partners, OIA continues to pave the way for sustained economic growth and prosperity for the Sultanate of Oman.
Contact:
For more information, please contact:
Fahad Al Toubi, Senior Specialist – Media Relations
+968 92155655
[email protected]
Photo – https://mma.prnewswire.com/media/2569604/Oman_Investment_Authority.jpg
View original content:https://www.prnewswire.co.uk/news-releases/oia-announces-a-us500-million-strategic-collaboration-with-turkiyes-oyak-fund-302318625.html
-
Fintech PR7 days agoAlkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
-
Fintech3 days agoFintech Pulse: A Daily Dive into Industry Innovations and Developments
-
Fintech PR7 days agoCorinex Ranked Number 331 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
-
Fintech PR7 days agoCathay Financial Holdings Advances Climate Finance Leadership at COP29, Championing Public-Private Partnerships and Asia’s Low-Carbon Transition
-
Fintech PR7 days agoROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024
-
Fintech PR6 days agoRedefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
-
Fintech2 days agoFormer MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform
-
Fintech PR7 days agoEliTe Solar: Realizing Our Mission and Standing by Our Core Values