Lloyd’s of London starts hiring for EU subsidiary in Brussels

Lloyd’s Brussels will have 19 branches across Europe, including Britain. (Reuters)
Updated 24 April 2018
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Lloyd’s of London starts hiring for EU subsidiary in Brussels

Insurance market Lloyd’s of London said it has started hiring for its European Union subsidiary in Brussels, with roles across finance, compliance, human resources and underwriting to be based in Belgium’s capital city.
The insurance market, an integral part of the British business scene since the 17th century, said last March that it had chosen Brussels as the site for its EU subsidiary because of its strong regulatory framework.
“Lloyd’s Brussels will be able to write all non-life risks from the European Economic Area (EEA) to ensure our partners can continue to have seamless access to the specialist policies of the Lloyd’s market,” the specialist insurance and reinsurance market said in a statement.
Lloyd’s Brussels will have 19 branches across Europe, including Britain.
Lloyd’s has been one of London’s most vocal financial services firms on the need for a European Union subsidiary if Britain has no access to the single market after leaving the bloc.


Maalem Financing raises $26m in debut sukuk

Updated 17 October 2018
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Maalem Financing raises $26m in debut sukuk

  • The sukuk from Maalem, a shariah-compliant commercial and consumer financing firm, is a small but novel deal
  • The three-year unsubordinated deal was sold through a private placement and Maalem could tap the market again

LONDON: Saudi Arabia’s Maalem Financing has raised SR100 million ($26.6 million) from a debut sale of Islamic bonds, or sukuk, as the firm seeks to develop a crowdfunding product and expand its operations, a senior executive said on Tuesday.
The sukuk from Maalem, a shariah-compliant commercial and consumer financing firm, is a small but novel deal in a market that is dominated by issuance from sovereign institutions and Islamic banks.
The three-year unsubordinated deal was sold through a private placement and Maalem could tap the market again as early as January next year, said John Sandwick, a member of Maalem’s board of directors.
“The program is for SR500 million and with 3.6 times oversubscription, there seems to be a lot of demand,” he said.
Additional sales of sukuk aimed to raise between SR100 million and SR200 million, depending on market conditions, he said, adding that Maalem may consider a dollar-denominated sukuk issuance at a later stage.
The debut transaction used a structure known as murabaha, a cost-plus-profit arrangement commonly used in Saudi Arabia. The firm hoped to use an asset-backed structure for future deals, Sandwick said.
Established in 2009, Maalem received regulatory approval to operate as a non-real estate finance company in 2016 and increased its capital in 2017 to SR150 million.
The company plans to open several regional offices by the end of 2018 and is awaiting regulatory approval for a crowdfunding license, Sandwick said.
Crowdfunding enables startup firms to collect small sums of money from many individuals as an alternative to bank loans.
Albilad Capital, the investment banking unit of Bank Albilad, served as sole lead manager and arranger of the sukuk.