21 May, 2008

Arab Bank Group has recently signed a $150 million loan agreement, as part of a consortium of international and regional banks, for the benefit of Korea's Daewoo International Corporation.

Arab Bank plays the top role in the deal as the Mandated Lead Arranger.

The funds will be used to finance the company's activities in the Middle East and North Africa.

Banks participating in the loan include First Gulf Bank, Korea Development Bank, Aozora APF Ltd., Hua Nan Commercial Bank, Bank SinoPac, Krung Thai Bank, The Bank of East Asia LtdArab Bank Singapore has been fully authorized to manage the loan.

Commenting on Arab Bank's participation in the loan, Chairman/CEO Abdel Hamid Shoman said the considerable growth witnessed in Southeast Asia prompts the bank to enter more economic alliances, adding that bilateral and multilateral cooperation in investment and technical know-how in vital sectors is a major means to accelerate trade and economic cooperation in the region.

Shoman underlined the significant role played by banks in light of economic growth and the increasing investment opportunities, stressing that Arab Bank has a crystal clear strategy in this regard that is founded on solid ground.

The strategy, he explained, entails flexible plans and programs to diversify investments, further contribute to financing selected development projects in basic sectors and intensify efforts to locate the best deals. He added that the Bank also works to upgrade its risk analysis and management skills.

He noted that Arab Bank Group seeks to meet the varying and changing needs of customers, through its branch network and subsidiaries spread out in the financial hubs across 29 countries covering the five continents.

DAEWOO is one of the leading and largest Korean companies in the field of construction and mega development projects such as roads, dams, bridges, towers and others. The corporation's financial results and the huge revenues recorded indicate its superiority in the sectors where it operates. The company is rated A- by Korean rating agencies.