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ABC and BNP Paribas successfully close US$55 million facility for Bahrain Commercial Facilities Company
2008-06-30

Manama, Bahrain: Arab Banking Corporation (ABC) and BNP Paribas (the Initial Mandated Lead Arrangers and Bookrunners) are pleased to announce that they have successfully closed with oversubscription a US$55 million Equivalent Dual Currency USD/BHD 3-year syndicated term loan facility (the “Facility”) for Bahrain Commercial Facilities Company BSC. The Facility was increased from its initial US$50 Million equivalent launch amount and signed by the borrower, Initial Mandated Lead Arrangers and participants on 29 June 2008.

In syndication, National Bank of Bahrain joined as Mandated Lead Arranger and Ahli Bank of Qatar and NATIONAL BANK OF FUJAIRAH p.s.c. joined as Arrangers.

About Bahrain Commercial Facilities Company

Bahrain Commercial Facilities Company BSC is a public shareholding company incorporated and registered in Bahrain. Effective 26th June 2005, the Company became licensed and regulated by the Central Bank of Bahrain (CBB). It provides short-term, medium-term and long-term loans. The Company (nationally known as “Bahrain Credit”) wholly owns National Motor Company WLL, which was established in March 1988 and is the sole agent of Honda and General Motors vehicles in the Kingdom of Bahrain; Tas’heelat Insurance Services Company W.L.L. which was established in 1997 to provide insurance agency services; and Tas’heelat Real Estate Services Company SPC which was established in May 2002 to offer real-estate related services such as property valuation, brokerage and management. 

About Arab Banking Corporation

Arab Banking Corporation was incorporated as a Bahrain joint stock company in 1980 by Amiri decree in the Kingdom of Bahrain. ABC’s principal shareholders are the Kuwait Investment Authority, the Central Bank of Libya and the Abu Dhabi Investment Authority. ABC is listed on the Bahrain stock exchange.

The ABC Group is a leading bank in the Middle East and North Africa and operates as a wholesale bank. ABC offers a wide range of banking products including trade finance and forfaiting, project and structured finance, syndications, corporate and institutional banking, treasury services, investment banking, Islamic banking and retail banking in the Arab world.

ABC's strategy of diversified growth led to the development of its widespread network of branches, representative offices, subsidiaries and affiliates in Arab world countries and international financial centres, including London, Paris, Milan, Frankfurt, Madrid, Stockholm, New York, Grand Cayman, Sao Paolo, Singapore, Tripoli, Tunis, Algiers, Egypt, Bahrain, Istanbul, Beirut, Abu Dhabi, Tehran, Amman and Baghdad.

About BNP Paribas

BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 4 strongest banks in the world according to Standard & Poor’s. The group is present in over 85 countries, with almost 163,000 employees, including near 127,000 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.

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