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Gulf Bank scores $2bn of finance deals
- Kuwait: Thursday, September 13 - 2012 at 11:40
Michel Accad, the chief executive of Gulf Bank has been said the lender was mandated as a lead manager to help finance two energy projects in Kuwait worth a combined $2bn, Reuters has reported. "One is in the oil sector and one is in the power sector. One is a bit less than $1bn, the other is a bit more than a billion. So, the total is roughly $2bn," Accad told the news service. The deals, if they go through, will increase Gulf Bank's market share in corporate and project financing in the local market despite deep concerns over government willingness to speed up long-awaited infrastructure projects. Kuwait's third-largest lender is still waiting for the final approval and hopes to bring at least one deal to the market before year end, Accad said. "The other is a long lead time so it is going to be in the first or second quarter of next year."
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