This trend can be mainly attributed to factors like the growing presence of high net-worth individuals and the UAE’s removal from the FATF’s grey list
realty3 hours ago
The facility was launched into syndication on April 2, 2007 for an amount of $1 billion. "The facility was extremely well received by the market and was oversubscribed to an amount of $1.46 billion," the bank said.
Dr Khaled M. Al Fayez, GIB's Chief Executive Officer, said in London that the loan was probably one of the largest loans arranged for a Middle Eastern bank and reflects the confidence in GIB's strength and sound business strategy.
"We are pleased with the support we received from the international banking community."
GIB, one of the largest regional banks in the GCC, with more than $26.2 billion of its own assets and $22 billion of clients' assets under management, is majority-owned by the six GCC governments with a 72.5 per cent stake, while the Saudi Arabian Monetary Agency owns 27.5 per cent.
Dr Al Fayez said the facility was fully-underwritten and arranged by Initial Mandated Lead Arrangers including ABN Amro Bank N.V., Arab Bank plc, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Capital (the investment banking division of Barclays Bank PLC), Bayerische Landesbank, BNP Paribas, CALYON, Commerzbank Aktiengesellschaft, Mizuho Corporate Bank, Ltd., The Royal Bank of Scotland plc, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation Europe Limited.
"GIB's GCC-focused merchant banking strategy, which was adopted in 2002, has resulted in a significant improvement in the diversification and quality of its revenues and a substantial increase in net income and return on equity (ROE). Over the last four years, GIB has more than doubled its ROE, which rose to 14.3 per cent in 2006. The loan will be used to finance the Bank's various activities," he said.
In March this year, GIB increased its paid-up capital by $500 million to $1.5 billion, representing 50 per cent of the bank’s authorised capital of $3 billion. Following the increase in capital and the payment of a 50 per cent dividend in respect of 2006 profits, GIB’s total equity will increase to over $ 2.2 billion.
The increase in GIB’s paid-up capital was approved by the bank’s shareholders at an Extraordinary General Assembly meeting in February. The capital increase has been subscribed by the Bank’s shareholders in the same proportion as their current shareholdings. Accordingly, there is no change in the ownership structure of the Bank.
This trend can be mainly attributed to factors like the growing presence of high net-worth individuals and the UAE’s removal from the FATF’s grey list
realty3 hours ago
Sama 2.0 will answer real-time questions, help travellers design curated travel experiences, and find answers for customers
aviation3 hours ago
Spot gold was slightly down at $2,335.13 per gram on Monday
uae3 hours ago
As authorities sprang into action to drain waterlogging, tenants and homeowners had to navigate the aftermath of nature's unpredictability
uae4 hours ago
The 51-year-old recently competed in the Masters Indoor World Cup — his 10th international tournament since undergoing surgery
sports5 hours ago
Met Department advised people to take precautions during strong convective cloud activity associated with rainfall over Eastern and Northern areas
uae5 hours ago
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae7 hours ago