Kuwait: Gulf Bank K.S.C.P. (“Gulf Bank” or the “Borrower”), one of the leading conventional banks in Kuwait, has successfully signed a US$ 650 Million Senior Unsecured Syndicated Term Loan Facility (the “Facility”).

Emirates NBD Capital Limited, the investment banking arm of Emirates NBD, and Standard Chartered served as Global Coordinators, Mandated Lead Arrangers and Bookrunner (“MLABs”), acting both individually and collectively in these roles.

The Facility is Gulf Bank’s debut transaction in the international syndicated loan markets and opens up a sustainable and diversified route of financing through access to the international and regional syndicated loan markets. The proceeds of the Facility will be utilized to fund Gulf Bank’s general corporate purposes.

The Facility was anchored by the MLABs and was launched to a select group of international and regional investors in general syndication.

Waleed Mandani, Gulf Bank’s Acting Chief Executive Officer, commented: “The transaction received strong interest from both global and regional banks, allowing Gulf Bank to expand its funding sources and diversify its investor base. The Facility was significantly oversubscribed, allowing Gulf Bank to exercise the green-shoe option to upsize the Facility to US$ 650 Million from the original size at launch of US$ 500 Million, post scale-back. The success of this debut transaction affirms Gulf Bank’s reputation as a regional banking leader with good domestic franchise, high credit worthiness and impeccable financial strength.”

Mandani Added: “Emirates NBD and Standard Chartered have demonstrated exceptional expertise in successfully closing this transaction.”

Hitesh Asarpota, CEO of Emirates NBD Capital, said: “We are proud to have played a pivotal role in facilitating Gulf Bank's milestone debut global syndicated loan transaction. The transaction was successfully completed with strong demand from both regional and global investors. This transaction is a testament to Emirates NBD Capital’s commitment to fostering long-term partnerships, strengthening relationships with key institutions, and enhancing access to global liquidity.”

Commenting on the transaction, Rola Abu Manneh, Chief Executive Officer of Standard Chartered, UAE Middle East and Pakistan said: “This successful transaction underscores Gulf Bank’s market position and the high level of investor confidence in the region. The strong demand for the facility highlights both, the resilience of the syndication market and the depth of liquidity available to leading institutions. Standard Chartered remains committed to providing clients with innovative financing solutions and seamless access to global liquidity.”

The Facility was closed with participation from a diversified mix of regional and international lenders, with Emirates NBD Bank (P.J.S.C.) acting as Facility Agent.

About Gulf Bank

Gulf Bank is one of the leading conventional banks in Kuwait with KD 7.5 billion in total assets as of 30 December 2024 and provides a wide range of services including consumer banking, wholesale banking, treasury, and financial services through its large network of over 50 branches and over 300 ATMs in Kuwait.

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

About Standard Chartered Bank

We are a leading international banking group, with a presence in 52 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.