Arab Banking Corporation (B.S.C.) is pleased to announce that it has been mandated by International Finance Company K.S.C (“IFC”) to arrange a US$50 million 4-year amortizing syndicated medium term loan facility secured by an assignment of consumer loan receivables (the “Facility”). The Facility has been fully underwritten by Arab Banking Corporation (B.S.C.).
IFC was established in 1980 as a closed Kuwaiti shareholding company specializing in providing consumer finance products to individual and corporate customers. Its main shareholders are Kuwait International Investment Company (KIIC), International Financial advisors (IFA), and Al Deerah Holding Company.
IFC is one of the leading providers of consumer credit in the Kuwait market. IFC is listed on the Kuwait Stock Exchange, with a market capitalization of KD84.56 million as at 12th December 2005. As at 30th September 2005, the consolidated total assets and shareholder equity of IFC was recorded at KD116.1 million and KD71.58 million respectively.
Arab Banking Corporation (B.S.C.) is currently arranging the general syndication of the Facility which is expected to be launched shortly.