ABC and Citibank grant $50 million to UIB
The Arab Banking Corporation (ABC) and Citibank have signed a five-year $50 million term loan facility for Tunisia’s Union Internationale de Banques. This facility achieved a notable over-subscription with broad support from local, regional and international banks.
ABC and Citibank are the facility’s mandated lead arrangers. The Arab Investment Company is a lead arranger along with co-arrangers Mashreqbank, Tunis International Bank and the Union Tunisienne de Banques. Managers include Baden-Württembergische Bank Aktiengesellschaft, British Arab Commercial Bank Limited and UniCredito Italiano, London branch.
Established in 1980, ABC is the parent company of the Arab Banking Group. The bank was incorporated as a Bahrain joint stock company and was issued an offshore banking unit license by the Bahrain Monetary Agency in the same year. The three original shareholders were the Abu Dhabi Investment Authority, Kuwait’s Ministry of Finance and the Central Bank of Libya.
The ABC Group focuses principally on wholesale commercial and corporate banking and trade finance services. Its subsidiaries concentrate largely on exploiting opportunities in domestic retail and merchant banking sectors. Branch offices of ABC are situated in Grand Cayman, Milan, New York, Singapore and Tunis. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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