Banks have arranged a three-year US$45mn syndicated term loan facility for Jordan’s Export & Finance Bank. A consortium of regional and international banks and financial institutions have participated in the deal, which was raised from US$20mn.
Bank participants are Arab Investment Company Bahrain; Doha Bank, Qatar; Commercial International Bank of Egypt; Arab Banking Corporation, Jordan; Jordan International Bank, London; British Arab Commercial Bank, London; Mashreq Bank, Dubai; National Bank of Kuwait, Jordan; Ahli Bank of Kuwait, Kuwait; Banque Audi SAL, Beirut; State Bank of India, Bahrain; and Arab Bank, Bahrain.
The purpose of the facility is to accommodate for the expansion plans of the bank in all aspects of business.
Export & Finance Bank (EFB) was established in 1995 as a commercial and investment bank that operates in all areas of the financial sector. EFB offers a wide array of retail, commercial and investment banking products and services.
EFB’s principal activities include the provision of credit facilities to individuals and corporations, trade in marketable securities for the bank and its customers, a wide range of corporate finance activities and as a broker at the Amman Stock Exchange as well as international stock markets.
This year’s outstanding performance of the bank was further supported by its first financial strength rating of (BBB-) by Capital Intelligence (CI), which placed EFB among the top tier banks in Jordan.
In addition, CI described its management as “well regarded in the local market and clear business strategies are in place aimed at further consolidating the business franchising”.
CI also commended EFB’s overall solid performance in the Jordanian banking sector.
The mandated lead arranger and agent, the Arab Investment Company (TAIC) is an Arab Joint-Stock Company owned by 17 Arab governments with its head office in Riyadh. The main activity of the company’s head office is equity participation in commercially viable projects in the member countries.
The shareholders’ equity at the end of year 2004 stood at US$593mn supporting total assets of approximately US$2.268bn.