GIB signs 400-million-dollar loan facility
MANAMA, (AFP) - The Bahrain-based Gulf International Bank (GIB) announced Monday it had signed a 400-million-dollar loan facility with a consortium of 32 Arab, Asian and Western banks.
The five-year loan, payable in one instalment on maturity and to be used for general purposes, was fixed at a rate of 0.40 percent a year over the London Interbank Offered Rate (Libor).
The lead arranger was the London-based HSBC Group, GIB said, adding the loan was oversubscribed and increased from 300 million dollars to 400 million dollars.
Gulf Investment Corporation (GIC) has a 72.5 percent stake in GIB, the Saudi central bank 22.2 percent, and JP Morgan Overseas Capital Corp. of the United States 5.3 percent.
The Kuwait-based holding GIC belongs to the six Gulf Arab oil monarchies: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.