Saudi Investment Bank Signs Loan Contract

Author: 
Arab News
Publication Date: 
Sun, 2005-07-31 03:00

JEDDAH, 31 July 2005 — The Saudi Investment Bank signed a joint loan contract for $380 million with a group of international, regional and local banks. The loan was led by City Bank of America, Commerzbank of Germany, RZD Bank of Austria, Standard Chartered Bank and other banks, a total of 18 banks. Coverage of the loan reached more than 190 percent, which persuaded the bank to increase the amount from $200 million to $380 million. The international banks’ enthusiasm to join in the loan reflects the confidence in SIB’s high performance. Profits of the bank at the end of June 2005 reached more than SR490 million, an increase of 67 percent.

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