Arab Banking Corporation (B.S.C.), Commerzbank Aktiengesellschaft, Dresdner Kleinwort Wasserstein and Gulf International Bank B.S.C (the “Mandated Lead Arrangers”) announced that they have been mandated by The Bank of Kuwait and the Middle East K.S.C. (the “Borrower”) to arrange and underwrite a US$150,000,000 3-year Term Loan Facility (the “Facility”). The proceeds of the Facility will be used for general corporate purposes.
Bank of Kuwait and the Middle East K.S.C. (BKME) was established in 1971 to take over the local operations of The British Bank of the Middle East. Until 2002, the government of Kuwait was the majority owner of the Bank. Following privatization in 2003, Ahli United Bank (AUB) increased its stake to become the largest shareholder with 47.70%. As of 30th September 2004, the second largest shareholder is the International Financial Advisors Company with 25.02%, while Wafra International Investment Company holds 6.4% and The Kuwait Investment Authority’s stake is currently 4.35%.
The Bank operates a network of 18 branches and a specialized financial subsidiary, Kuwait and Middle East Financial Investment Company. The Bank’s reputation in the market has traditionally been that of a conservative institution but a more assertive and innovative market focussed approach has been in evidence since privatisation. BKME is rated A- by Capital Intelligence and BBB+ by Fitch, both with a stable outlook. (menareport.com)
