Gulf International Bank closes first sustainability-linked syndicated loan

Gulf International Bank closes first sustainability-linked syndicated loan

Gulf International Bank B.S.C. (GIB) announced that it has successfully closed a US$625 million sustainability-linked syndicated loan (SLL), making GIB the first Bahrain-headquartered bank and the first majority Saudi-owned bank to close such a facility. The deal was well received in the international markets and substantially over-subscribed with commitments exceeding the initial facility amount of USD 500 million by more than two times, reaching USD 1.1 billion. Given the high interest, GIB decided to upsize the facility amount to USD 625 million. A diversified group of more than 20 global investors from the US, Europe, the Middle East and Asia participated in the landmark transaction that incorporates (ESG) metrics related to reductions in carbon emissions, gender diversity and sustainability reporting. The SLL reflects GIB’s focus on mobilising capital in support of a more sustainable economic landscape for its clients and stakeholders. Citibank, First Abu Dhabi Bank, HSBC Bank Middle East Limited, Sumitomo Mitsui Banking Corporation and Société Générale acted as Initial Mandated Lead Arrangers and Bookrunners on the transaction. HSBC acted as the sole Sustainability Coordinator. GIB’s Group CEO, Abdulaziz Al-Helaissi said, “We’re delighted to close this landmark facility and are proud of the opportunity to highlight GIB’s long-term strategy