VIVA, Kuwait’s fastest-growing and most developed telecom operator, and Boubyan Bank inked a multi-currency financing agreement of KD 40 million includes Murabaha facility according to Islamic Sharia Compliance, to finance VIVA's plans to upgrade its network and expand in the State of Kuwait, with 5 years tenor, on Monday 12 February 2018.
Eng. Salman Bin Abdulaziz Al Badran, VIVA’s Chief Executive Officer and Mr. Adel Abdulwahab Al-Majed, Boubyan Bank’s Vice Chairman and Chief Executive Officer, signed the agreement in the presence of VIVA’s CFO Mr. Mohammed Bin Abdulmohsen Al-Assaf, in addition to VIVA and Boubyan officials.
Commenting on this occasion, Al-Badran said: "Coinciding with VIVA’s first decade celebration, this strategic partnership with Boubyan Bank is a robust ground to further expand and develop VIVA’s operations by investing in its network and its high quality of services, products and technical solutions. The financial strength that VIVA witnesses today reflected in VIVA’s recent announcement of its financial results 2017, fosters customers' loyalty and trust that we endeavor to maintain it since VIVA’s inception.”
“Our strong competition in the Kuwaiti telecom market through meeting our customers’ aspirations and ambitions, proves our leadership and promotes our capability to deliver the best”, he added.
On his part, Al-Majed said: "The relationship of Boubyan Bank and VIVA is a remarkable one, and stands as an example for strategic alliance which benefits the local economy”. He further expressed that he was glad to continue such a relationship with one of the most prominent telecom companies in the region.
“Such a financing would help fund the company’s expansion plans and reflect positively on the company’s clients and help achieve the company’s domestic expansion targets”, he added.
“Over the past years, Boubyan Bank succeeded in achieving remarkable growth rates in its corporate credit portfolio by attracting a number of operational companies known for their financial and economic creditworthiness while continuing to maintain the highest standards of credit quality, studying and diversifying risks”, he added.
Source: VIVA Press Release