SAIB announced today the signing of a US $380 million joint loan agreement with a group of international, regional and local banks. The Lead Banks in this joint loan agreement were the US CITIBank, Deutsche CommerzBank, Japanese Mizuho Corporate Bank, Austrian RZB Bank, British Standard Chartered Bank and Japanese Sumitomo Mitsui Bank, among other 18 other local, regional and international consortium.
Given the overwhelming participation, SAIB has agreed to raise the loan from originally 200 millions to 380 million US Dollars.
This huge participation by leading banks reflects SAIB’s distinguished market position and credit worthiness as well as the result of the positive achievements of SAIB over the past years. It is also reflective of their trust in SAIB’s policies and future strategies.
It is worth mentioning that SAIB had a significant growth in its income as of June 30, 2005 to reach over Saudi Riyals 490 millions which is 67% over same period in 2004 and the bank’s liabilities has increased by 53.4%, to exceed Saudi Riyals 34 billions.
