Manama, Bahrain: Arab Banking Corporation (ABC) and BNP Paribas are pleased to announce that they have been mandated by International Finance Company K.S.C (IFC) to arrange a US$100 million 4.5-year amortizing syndicated term loan facility secured by an assignment of consumer loan receivables (the “Facility”). The Facility has been fully underwritten by Arab Banking Corporation and BNP Paribas.
The transaction was launched into senior syndication through bookrunners ABC and BNP.
IFC was incorporated in 1980 as a Kuwaiti Shareholding Company (Closed) and is listed on the Kuwait Stock Exchange (KSE). The company is licensed and regulated by the Central Bank of Kuwait as an Investment Company. The main business activity of IFC is to provide consumer finance products and personal loans to individual and corporate customers.
The company’s geographical area of operations for consumer finance is Kuwait with all consumer credit granted to Kuwaiti nationals and residents. The company operates through a network of three branches in Kuwait and also has sales counters at most of the important automobile showrooms.
IFC has a market share of 5-6% of the domestic consumer credit market. This market share has been sustained over the past few years in a robust consumer credit market which is growing at 10-12% annually. As on 31 December 2007, as per audited financials, IFC had a paid up capital of KD37.5 million (US$137 million) and net-worth of KD89.3 million (US$325 million).
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 provides a full range of retail and commercial banking, investment banking, project and structured finance, corporate finance, discretionary fund management, foreign exchange, derivatives, Islamic banking and financial advisory services in the MENA and international markets in which it offers these services.
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.