ICBC contributes to $825 million syndicated loan to Al Ahli Bank for general corporate and working capital purposes

Project narrative

On November 30, 2022, a syndicate of 13 banks — including the DIFC Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $825 million USD loan facility agreement with Al Ahli Bank of Kuwait K.S.C.P — a Kuwait-based private bank — for general corporate purposes and working capital requirements. This loan carried a maturity period of 37 months. The syndication was launched in October 2022 and was signed on November 30, 2022 after receiving an oversubscription of almost 30%. Funds will be used for general corporate purposes and working capital requirements. Citibank, London Branch and Sumitomo Mitsui Banking Corporation, DIFC Branch acted as joint co-ordinators for the transaction, together with Abu Dhabi Commercial Bank, First Abu Dhabi Bank, HSBC Bank Middle East, the DIFC Branch of ICBC, Mizuho Bank as the initial mandated lead arrangers and bookrunners. Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB)) and Mashreqbank were the mandated lead arrangers. Saudi National Bank acted as lead arranger and Standard Chartered acted as the arranger. The facility was the largest financing secured by a Kuwaiti financial institution since January 2010.