The balance of $28.5m will be paid to the syndicate on Friday, 22nd February 2008, a full four months ahead of schedule.
In commenting on the prepayment, the Bank's Chief Executive, Albert I Kittaneh, said:
"The prepayment of this loan serves to highlight both the strength of the Bank's earning power as well as the increase in its internally generated liquidity. More importantly this move will provide additional operational and strategic flexibility for the Bank and should increase the Bank's access to funding.
We would like to thank the Central Bank of Bahrain for their unwavering support and guidance over the last few years. Our thanks also go to the syndicate lenders, including the Arab Banking Corporation as Agent, for their cooperation."
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BMB Investment Bank prepays syndicated loan
- Bahrain: Wednesday, February 20 - 2008 at 15:33
- PRESS RELEASE
BMB Investment Bank announced that it will complete the prepayment of the remaining balance on its $75m. syndicated loan this week.
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Notes and media contacts
Bahrain Middle East Bank (BSC) was established in 1982. The Bank's shares are listed on the Bahrain Stock Exchange under (BMEB.BH) and are held by shareholders primarily across the GCC. The Bank had announced earlier this month its 2007 full year results with a profit of $24.6mn, an increase of 16.6% over the prior year profit of $21.1m.For further information, contact:
Haya Abuzeid
EVP, Corporate Communications
BMB Investment Bank
Tel.(973) 17 528 102
Fax (973) 17 530 987
BMB Investment Bank -
BMB Centre, P.O. Box 797, Manama, Bahrain
Tel :+973-17 532345,
Fax : +973-17 530987
Posted by Lara Lynn Golden, News EditorWednesday, February 20 - 2008 at 15:33 UAE local time (GMT+4)
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