Manama, Gulf International Bank B.S.C. (GIB) announced today that it has successfully closed a $500 million three-year financing facility with a group of lenders. The proceeds of the facility will be used to refinance an existing term facility and for general funding purposes.
The group of lenders comprises First Abu Dhabi Bank, HSBC Bank Middle East Limited Natixis DIFC Branch, Riyad Bank, Mizuho Bank Ltd, Samba Financial Group, State Bank of India Bahrain, Citibank N.A. Bahrain Branch and Wooribank Bahrain Branch. UAE-based First Abu Dhabi Bank and HSBC Bank Middle East Limited are mandated lead arrangers and bookrunners and First Abu Dhabi Bank is the agent for the facility, according to the GIB announcement.
Abdulaziz A. Al-Helaissi, Group Chief Executive Officer of GIB, said, "We are extremely pleased to announce the successful closing of this facility with the support of nine regional and international financial institutions. The facility was oversubscribed and upsized from an initial amount of $250 million due to strong appetite from leading regional and international banks, reflecting market confident in GIB and the market's confidence in GIB. We thank our partner banks in this transaction and look forward to continuing to deliver on our strategy of growth, diversification and the strengthening of our position as a leading pan-GCC universal bank."
GIB continues to make progress in the implementation of its expansion strategy and the strengthening of its presence in key regional markets through growth across its business and client base. In April 2018, the Bank launched its digital commercial banking business, meem, in Bahrain. It is also in the final stages of converting its existing branches in the Kingdom of Saudi Arabia into a locally incorporated bank as it pursues further growth in the Saudi market and to leverage opportunities created by the Kingdom's Vision 2030.
Source: Bahrain News Agency