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Mon 12 Nov 2007 12:24 PM

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Arab Bank in Sabic syndication

Arab Bank has signed a $6.1 bn loan agreement as part of consortium to part-fund Sabic Innovative Plastic's acquisition of GE Plastic.

Arab Bank has signed a $6.1 bn loan agreement as part of consortium to part-fund Sabic Innovative Plastic's acquisition of GE Plastic.

The bank will act as mandated lead arranger in the transaction, which includes regional and international banks.

Abdel Hamid Shoman, CEO and chairman of Arab Bank, said that he was proud that the bank had been selected as MLA from among its international peers, reflecting the confidence investors have in the bank.

He added that Arab Bank's participation in the transaction reflects the bank's strategy of financing more major commercial schemes in the region's strategic sectors.

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