Arab Bank Gets $500 Million Loan

AMMAN, 7 June 2007 — The Arab Bank PLC has mandated three world banks to arrange a fully underwritten syndicated loan of $500 million, the bank’s chairman Abdul Hamid Shoman announced yesterday. The five-year term credit facility will be arranged by Credit Agricole CIB (CALYON), HSBC Bank Middle East Limited (HSBC) and J.P. Morgan PLC, Shoman said. The loan represents the first syndicated debt market financing ever taken by the Arab Bank in its 77-year history. “The move comes in line with the Bank’s strategy aimed at diversifying funding resources and the efficient management of its assets and liabilities”, Shoman said.