Gulf Bank Participates with $150 Million of total loan facility in arrangement that includes ABN AMRO, GE Capital, J.P. Morgan and HSBC
Kuwait - Gulf Bank has announced that it has acted as Mandated Lead Arranger in a $5.4 billion syndicated loan to SABIC Innovative Plastics Holdings, a 100% subsidiary of Saudi Arabia Basic Industries Corporation (SABIC).
SABIC Innovative Plastics has used the loan to back the $11.6 billion purchase of the plastics unit of General Electric Co. Arranged by Citigroup as the book runner, Gulf Bank joined fellow banks ABN AMRO, J.P. Morgan, HSBC and GE Capital as the mandated lead arrangers for the loan. Gulf Bank's participation has been the equivalent of $150 million.
The SABIC loan is one of a number Gulf Bank has successfully supported in the region as it continues to play a leading role in supporting investments and economic growth of GCC-based companies and conglomerates, working in partnership with international and regional banks to enable such major loan arrangements.
Gulf Bank's General Manager for International Banking, Mr. Khaled Al-Mutawa, said: "This is one of the many loans where Gulf Bank has been able to play a major role in supporting the commercial aspirations of a major GCC company that is a truly global supplier of top quality products.
"This loan clearly demonstrates and solidifies Gulf Bank's position in the financial sector and we are proud to be working with many of the world's leading financial institutions," he added.
SABIC Innovative Plastics Holding is one of the world's leading plastics producers, having 43 manufacturing facilities located across 20 countries. The company is the world's leading producer of engineering thermoplastics with the largest global capacity and a global leading position in many segments of the plastics market. It has assets of $13.7 billion, one the largest among its international competitors.
Gulf Bank's Chief General Manager & CEO, Mr. Louis Myers, commented on the loan: "We are very proud to be a mandated lead arranger for such a prestigious loan deal and be able to contribute in a significant way to the region's most prominent financial transactions."
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About Gulf BankGulf Bank is Kuwait's second largest and fastest growing commercial bank. Established in 1960, Gulf Bank has since progressed to becoming an industry-leading financial services provider complemented by a large network of 40 branches strategically positioned in key locations in Kuwait for the banking convenience of customers.
Gulf Bank - awarded 'Best Retail Bank in the Middle East' in 2005 and 2006 by Banker Middle East - routinely surpasses its competition by focusing on one simple strategy: delivering superior customer satisfaction. Gulf Bank has consistently delivered strong financial results in a highly competitive market environment reflecting its well focused and effective business strategies.
The Bank continues to grow and evolve its leadership position within the Kuwait banking community as a result of its innovative Transformation and Actualization Strategies that have been the driving force behind its management, operations and remarkable success since 1999.
The main businesses of the bank are Retail Banking, Corporate Banking, Treasury, International Banking and Investment Management.
For more information, please contact:
Emiranda Winter
External Communications Manager
Gulf Bank
Tel: +965 244 9501
Mob: +965 929 2738
Email: ewinter@gulfbank.com.kw
website: www.gulfbank.com.kw
Dina Sabry
Senior Account Executive
Hill & Knowlton
Tel: +965 232 2976
Mobile: +965 944 5975
Email: dsabry@hillandknowlton.com.bh
© Press Release 2007
