About

Operating in a region heavily depend on oil, Al Khalij, dubbed the next generation bank of Qatar, has been supported through market challenges by the legal team’s work on a number of novel and legally complex matters. The team has supported the bank’s requirements for long-term funding by initiating a Cayman Island special purpose vehicle (SPV) platform separating short-term and long-term funding while placing the latter in the form of Euro Medium Term Note (EMTN). According to nominators, the legal team were ‘critical to the success’ of these initiatives. The team has also been actively involved in the implementation of liquidity programs and the potential first issuance of Formosa bonds under their EMTN programme. To help support its cross-border operations, Al Khalij operates a split legal team with one lawyer in France and two in Qatar, headed by Oliver Hallsworth, acting general counsel. In addition to helping secure diverse sources of funding, the team has developed a comprehensive system that has automated record keeping of processed invoices, allowing it to reduce workload and focus on strategic commercial projects. In keeping with the bank’s increased focus on cost efficiencies, the legal department has, over the last four years, managed to achieve a 33% year-on-year reduction in external spend. Overall the team have proven to be a supportive backbone to the bank through market turmoil.