Finance News

Credit Agricole, HSBC, Morgan sign $500mn Arab Bank loan

Credit Agricole CIB (Calyon), HSBC Middle East and JP Morgan have announced the signing of a $500mn debut term loan facility for Arab Bank.

The three lead arrangers underwrote the facility which was launched last month. It enjoyed strong support from senior banks, with ABN Amro, Arab National Bank, Bank of Tokyo Mitsubishi, Credit Suisse, Gulf International Bank, Mashreqbank, National Bank of Abu Dhabi, National Commercial Bank, RZB, Societe Generale, Sumitumo Mitsui Banking Corp and Wachovia Bank, joining the facility as lead arrangers.

The facility was well received with total commitments reaching $713mn from 29 banks. Arab Bank decided not to increase the facility, maintaining the original target of $500mn. The facility is for general corporate purposes and has a five-year maturity. The approach to the syndicated loan market is in line with Arab Bank's strategy of diversifying funding sources and the efficient management of its assets and liabilities, said a statement.

Arab Bank chairman and CEO Abdel Hamid Shoman said the extensive international participation in the facility was a measure of the increasing confidence in the bank. Arab Bank will continue its expansion strategy, enhance its regional and international presence and ensure that its investments were distributed in such a way that ensured strong revenues, while at the same time managing credit and investment risks, Shoman said.

Established in 1930, Amman-based Arab Bank has a wide Middle Eastern network and a global footprint spanning 29 countries across five continents.

Source: Gulf Times
Date: 05.07.2007 [ID: 51]

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