ABC arranges loans for Egyptian and Bahraini banks
The Arab Banking Corporation (ABC), the Arab world’s largest bank, announced it is arranging two loans worth $230 million for two banks in Egypt and Bahrain. ABC, together with five international banks, is arranging a $150 million loan for Commercial International Bank of Egypt, of which $100 million would mature in three years and carry an annual margin of 57.5 basis points over LIBOR. The remaining $50 million would mature in five years and carry a margin of 62.5 basis points over LIBOR. Other arrangers of the facility are Bank Gesellschaft Berlin AG, Barclays, Commerzbank AG, Fuji Bank Ltd and Sumitomo Bank Ltd.
ABC is also arranging a three-year $80 million loan for Bahrain International Bank. It carries an annual margin of 75 basis points over LIBOR and will be signed before the end of 2000. DG Bank AG, National Bank of Abu Dhabi and Gulf International Bank are the other arrangers of the loan, which will be used for general purposes. — (Lebanon Invest)