Burgan Bank finalising arrangements for $350 mln loan
Lender to provide necessary disclosure to market one completed
Kuwait Stock Exchange during a trading session. The bourse edged lower on Sunday.
DUBAI, Dec 20, (Agencies): Kuwait’s Burgan Bank is in the process of finalising arrangements for a $350 million loan, the Gulf state’s third-largest lender by assets said in a bourse statement on Sunday.
Burgan will provide the necessary disclosure to the market once the arrangements for the loan agreement are completed, the statement added.
Sources told Reuters last week that the bank was close to completing the facility, which would last for two years and be funded by local and international lenders.
Commerzbank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Societe Generale, Standard Chartered and Wells Fargo are the banks involved in the deal, the two sources added.
The Kuwaiti lender was one of a number of Gulf-based banks seeking loans by the end of the year to help ease a squeeze on liquidity caused by lower oil prices.
Burgan Bank is the youngest commercial Bank and third largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail and private bank customer base.
The Bank has continuously improved its performance over the years through an expanded revenue structure, diversified funding sources, and a strong capital base. The adoption of state-of-the-art services and technology has positioned it as a trendsetter in the domestic market and within the MENA region.