Manama, October 10 (BNA) Gulf International Bank today announced the successful closing of a $625 million sustainability-linked syndication loan, making GIB the first bank to be headquartered in Bahrain and the first Saudi-majority-owned bank. To close such an attachment.
The bank said in a statement that the deal was well received in international markets and was heavily oversubscribed with commitments that more than doubled the initial facility amount of $500 million, to reach $1.1 billion.
Due to the interest rate hike, GIB decided to increase the amount of the facility to $625 million.
A diverse group of more than 20 global investors from the United States, Europe, the Middle East and Asia participated in the deal, which includes environmental, social and governance (ESG) metrics related to carbon reduction, gender diversity and sustainability reporting.
SLL reflects GIB’s focus on mobilizing capital to support a more sustainable economic landscape for its clients and stakeholders.
Citibank, First Abu Dhabi Bank, HSBC Bank Middle East Limited, Sumitomo Mitsui Banking and Societe Generale acted as authorized lead arrangers and bookrunners for the transaction. HSBC acted as the sole sustainability coordinator.
“We are delighted to close this historic facility and are proud of the opportunity to highlight GIB’s long-term strategy and commitment to sustainable financing and investment,” said Abdulaziz Al-Helaisi, Group CEO of GIB.
Jamal Al-Kishi, CEO of GIB, said that the success of this syndicated loan, backed by leading international banks, is a testament to the strong support and interest that global financial institutions enjoy at GIB.
“It also shows the growing commitment of investors and borrowers to make greater social and environmental contributions,” he said.