Gulf International Bank Saudi Arabia has launched a $250 million three-year senior unsecured term loan into general syndication.

First Abu Dhabi Bank and Standard Chartered are the lead arrangers and bookrunners of the facility, LPC reported.
Proceeds have been earmarked for general funding purposes, the report added.

GIB Saudi Arabia is owned equally by the kingdom’s Public Investment Fund and the Bahrain-based Gulf International Bank.

Last May, the Bahrain-based GIB closed its debut $500 million syndicated murabaha facility with a three-year tenor, which marked the bank’s first Islamic syndicated transaction in the international market.

(Writing by Bindu Rai, editing by Daniel Luiz)
bindu.rai@lseg.com