Manama, Bahrain: Bank
ABC (Arab Banking Corporation (B.S.C.)) and First Abu Dhabi Bank PJSC (“FAB”),
acted as Joint Coordinators, Underwriters, Initial Mandated Lead Arrangers and
Bookrunners on the US$ 250,000,000 2-year Syndicated Term Loan Facility for BankDhofar
SAOG (“BankDhofar”). In addition, FAB is the Agent on the transaction.
The syndication was launched in
May 2021 and was over 2x oversubscribed on the back of strong participation
from regional and international banks. A total of 9 banks (excluding the Joint
Coordinators) from the GCC, Europe and Asia participated in the Facility.
Abu Dhabi Commercial Bank
P.J.S.C., Al Ahli Bank of Kuwait K.S.C.P – DIFC Branch, Bank of Baroda, Doha
Bank Q.P.S.C., State Bank of India WBB Bahrain joined as Mandated Lead
Commercial Bank of Dubai PSC
joined as Lead Arranger. Banque Du Caire,
HSBC Bank Middle East Ltd and Mashreqbank PSC joined as Arranger.
The Facility was signed on 6 June
2021 and will be utilized by Bank Dhofar to refinance its existing US$ 250,000,000
facility dated 13 June 2018.
Chief Executive Officer Abdul Hakeem Al Ojaili stated: “Despite continuing
challenges in the market, the success and oversubscription of this transaction
is an evidence of the confidence in BankDhofar and sovereign by international
and regional banks, as well as the long-term credit strength and continued
growth of the Omani economy."
BankDhofar was established in the Sultanate
of Oman (“Oman”) in January 1990 as a public joint stock company and is engaged
in retail banking, corporate banking, investment banking and treasury services.
It is the second largest listed bank in Oman by total assets as at 31st March
2021 which currently stand at USD 11.727 billion and has 1,492 employees. It is
rated BB- (negative) by Fitch and Ba3 (negative) by Moody’s.
BankDhofar offers its services and
products across Oman including Retail Banking, Wholesale Banking, Treasury and
Financial Institutions, Islamic Banking (as a separate window) and Government
Banking. Retail and Wholesale Banking represents the Bank’s largest business
segments. In 2013, MAISARAH (the Islamic Banking window) was launched, offering
retail and corporate Shari'a-compliant financial services and products to its
Bank ABC is a leading player in the region’s banking industry and provides
innovative Wholesale Banking solutions across Transaction Banking (Trade
Finance and Cash Management), Project and Structured finance, Syndications,
Treasury and Financial Markets products and Islamic Banking to Corporates and
Financial Institutions. It also provides retail banking services through its
network of retail banks in Jordan, Egypt, Tunisia and Algeria and in Bahrain
through its digital mobile-only bank, ila.
First Abu Dhabi Bank
is the UAE’s largest bank and one of the world’s largest and safest
institutions, offers an extensive range of tailor-made solutions, and products
and services, to provide a customised experience. Through its strategic
offerings, it looks to meet the banking needs of customers across the world via
its market-leading Corporate and Investment Banking and Personal Banking
franchises. For more information, please visit: www.bankfab.com