3-year Term Loan Facility for Bank of Kuwait and Middle East K.S.C. oversubscribed
Arab Banking Corporation (B.S.C.), Commerzbank Aktiengesellschaft, Dresdner Kleinwort Wasserstein and Gulf International Bank B.S.C announced that US$200,000,000 3-year Term Loan Facility for The Bank of Kuwait and the Middle East K.S.C. has successfully closed oversubscribed and signed in London on Wednesday, 22nd December 2004.
The Facility was increased from its original launch amount of US$150,000,000 to US$200,000,000 in general syndication attracting a diverse international banking group of twenty banks from Europe, North America, Asia and the Gulf Region to participate in the Facility.
At the signing ceremony, Mr. Hamad A. Mohsen Al-Marzouq, Chairman and Managing Director of The Bank of Kuwait and the Middle East K.S.C. thanked the Lending Banks for their support and commitment to The Bank of Kuwait and Middle East K.S.C. and added that the favourable terms of this agreement are testimony to the solid stature BKME enjoys in the financial market.
On behalf of the Mandated Lead Arrangers and the Participating Banks, Mr. Munawar Ihsan, Head of Syndications at Gulf International Bank B.S.C., congratulated BKME on the successful placement of this Loan for building a strong foundation as the basis of future growth.
Bank of Kuwait and the Middle East K.S.C. (BKME) was established in 1971 to take over the local operations of The British Bank of the Middle East. Until 2002, the government of Kuwait was the majority owner of the Bank. Following privatization in 2003, Ahli United Bank (AUB) increased its stake to become the largest shareholder with 47.70% as of 30th September 2004, the second largest shareholder is the International Financial Advisors Company with 25.02% while Wafra International Investment Company holds 6.4% and The Kuwait Investment Authority’s stake is currently 4.35% .
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