#Kuwait's Warba Bank plans $500 mln #sukuk issue this year - CEO

Kuwait's Warba Bank is working to set up a sukuk programme of up to $2 billion with an initial $500 million issuance this year. CEO Shaheen Al-Ghanem said the programme is subject to central bank approval. After the initial issuance this year, the rest would be issued over the next few years as needed and the proceeds used to finance operational matters. Ghanem added that the bank was looking to start a new asset management business this year aimed at overseeing about $500 million in investments within the next three years. Its launch is awaiting final approval from the Kuwait Capital Markets authority. The bank is looking to increase its total assets to over 3.5 billion Kuwaiti dinars ($11.52 billion) by 2022 from 2.59 billion dinars. Additionally, the bank is competing to lead a 350 million Kuwaiti dinar ($1.15 billion) loan for Kuwait Petroleum Corporation (KPC) that will likely involve multiple banks.