Bahrain’s GIB secures $ 625 million loan linked to sustainability

DUBAI, Oct. 10 (Reuters) – Bahrain’s Gulf International Bank (GIB) on Sunday said it had secured a syndicated sustainability loan of $ 625 million, up from $ 500 million originally due to a strong demand.

The bond attracted orders worth $ 1.1 billion.

It was the first Bahrain-based bank and the first Saudi-majority lender to enter into sustainability finance.

“A diverse group of more than 20 global investors from the United States, Europe, the Middle East and Asia participated in the landmark transaction which incorporates environmental, social and governance (ESG) measures related to the reduction from carbon emissions, to gender diversity and to sustainability reporting, ”GIB said in a statement.

Citi (CN), First Abu Dhabi Bank (FAB.AD), HSBC (HSBA.L), SMBC (8316.T) and Société Générale (SOGN.PA) were the first arrangers and bookkeepers mandated under operation, HSBC as the sole sustainability coordinator.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, owns 97.2% of GIB, according to the bank’s website. The remaining shares are held by the other Gulf Cooperation Council countries – Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates.

Reporting by Yousef Saba Editing by Raissa Kasolowsky

Our Standards: Thomson Reuters Trust Principles.

Source link

About Raymond E. Hughes

Check Also

Loan sharks earn by biting thanks to fintech

(BLOOMBERG) – Technology has brought about a new kind of financial scourge: digital loan sharks. …

Leave a Reply

Your email address will not be published. Required fields are marked *