The Bahrain-based Gulf International Bank (GIB), was the most active bank in the Gulf Cooperation Council (GCC) project finance and asset-backed lending market in 2001, according to a survey published in MEED. GIB participated in five other regional project finance deals at more junior levels.
In the face of a change in ownership and wide-ranging internal restructuring, GIB was the most active arranging bank in the GCC project finance and asset-backed lending maket in 2001, completing seven deals while other institutions completed five over the course of the year, confirmed MEED.
Barclays Capital of the United Kingdom (UK) was the most active international bank in the lending market that same year. It was the lead arranger for the $1.4 million conventional debt package for Abu Dhabi’s Shuweihat project, the largest independent water and power project in the GCC in 2001. Barclays was also financed four other major deals in three other sectors and two other markets.
Established in 1975, GIB is a wholesale commercial and investment banking group, with operations in the Middle East, Europe, North America and the Far East. The six GCC governments own 72.5 percent of the bank, while the Saudi Arabian Monetary Agency (SAMA) and J. P. Morgan Overseas Capital Corporation own 22.2 percent and 5.3 percent respectively. In 1999, GIB acquired the London-based Saudi International Bank and has branches in London, New York and Riyadh, in addition to representative offices in Singapore, Beirut and Abu Dhabi. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
