Leading investment bank EFG-Hermes announced in a press release the technical listing of the Bank of London and the Middle East (BLME) on the NASDAQ Dubai Exchange under the name BLME. EFG Hermes UAE Ltd. was the sole Corporate Broker for the technical listing of BLME's shares on the Nasdaq Dubai, with EFG Hermes Brokerage LLC nominated by the BLME as the Preferred Broker and Deutsche Bank acting as the Custodian. The transaction stands as the first technical listing, or admission, of its kind on the exchange and the first stock to be admitted to the market since 2008. The London-based Islamic bank listed 195,733,691 shares; representing all its outstanding shares. Being a technical listing, no new capital was raised in BLME's listing and no secondary shares were offered for sale. Seif Fikry, Chief Executive Officer of EFG Hermes in the UAE, joined BLME Chairman Yacob Yousef Al-Muzaini for the ringing of the bell at the Dubai Financial Market this morning to celebrate the listing. The event took place in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Higher Committee for Development of the Islamic Economy Sector, Mr. Hamed Ali, Chief Executive Officer of NASDAQ Dubai and Mr. Essa Kazim, Chairman of Borse Dubai and Managing Director & CEO of the Dubai Financial Market. "As the region's leading investment bank, EFG Hermes has a proven track record of helping international institutions such as BLME meet their business and financial goals," said Ahmed El-Guindy, Head of Investment Banking at EFG Hermes. "We are delighted to have worked on this transaction, which underscores His Highness Sheikh Mohammed Bin Rashid Al-Makhtoum's vision to see Dubai emerge as the leading global center for Islamic finance." "I am delighted to announce that Bank of London and The Middle East successfully completed today its technical listing on NASDAQ Dubai. As BLME enters its next phase of growth, I am grateful for the continued support from shareholders. I am confident that the admission on NASDAQ Dubai and our recent office opening in Dubai will bring significant benefits to the bank, its shareholders and contribute positively to the continued growth of the region's Islamic finance industry," said Yacob Al-Muzaini, BLME Chairman. The listing comes just days after the launch of Dubai's Islamic Economy strategy, which aims to transform the emirate into the top global centre for Islamic finance. "As the leading Islamic Bank in Europe, we are delighted to be listed on NASDAQ Dubai as 'BLME Holdings' at a time of great importance for the development of the region's Islamic finance industry. Choosing Dubai as the location of our listing demonstrates our commitment to growing our business in the Middle East. I would like to extend my thanks to the DFSA, NASDAQ Dubai and our advisors for a successful listing and to the staff at BLME, whose hard work and commitment have made this day a success," said Humphrey Percy, Chief Executive Officer, BLME. "With the UAE set to join MSCI's ranks of emerging markets in 2014, the listing of an entity as high-profile internationally as BLME sends an important signal to global markets about not just the Emirates' ambitions, but also the soundness of its regulatory framework and the world-class network of service providers available to international institutions seeking a regional listing and base of operations," concluded El-Guindy.
