Gulf International Bank raises $50million financing facility

The proceeds of the facility will be used to refinance an existing term facility and for general funding purposes.

  
Gulf International Bank raises $50million financing facility

Manama:Gulf International Bank B.S.C. (GIB) announced today that it has successfully closed a US$500 million three-year financing facility with a group of lenders comprising 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. 

The proceeds of the facility will be used to refinance an existing term facility and for general funding purposes.

Mr. 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 US$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.

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About GIB:

GIB was established in the Kingdom of Bahrain in 1975, and commenced operations in 1976. In 2017, GIB became the first foreign domiciled bank to be granted approval from the Saudi Arabia Council of Ministers to establish a local commercial bank in the Kingdom of Saudi Arabia. Consequently, GIB's branch offices in the Kingdom will become part of the Saudi Arabian subsidiary, with the country headquarters located in Al Dhahran.

GIB is owned by the governments of Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the primary shareholder.

GIB aims to be the preferred financial services partner, delivering bespoke banking solutions to a wide customer base in the region and beyond. This includes corporate banking, the world’s first Shariah compliant digital retail banking service, meem by GIB and investment banking through its fully owned subsidiary GIB Capital.

GIB Capital is the investment banking and regional asset management arm of GIB, offering innovative solutions in the fields of asset management, bond and Sukuk issuance, loan syndications, financial restructuring, private placements, private sale, IPOs, underwriting equity and debt, as well as mergers and acquisitions.

In addition to its main subsidiaries, London-based GIB (UK) Ltd., and Riyadh-based GIB Capital, GIB has branches in London, New York, Abu Dhabi, Dhahran, Riyadh and Jeddah with a representative office in Dubai.

Media inquiries can be directed to:
Corporate Communications Department
Gulf International Bank
Telephone:+973 17 522590
Email: Corporate Communications
FinMark Communications
Zahraa Taher
Tel: +973 39630997
Email: ztaher@finmarkcoms.com 

© Press Release 2018

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