Arab Bank has mandated Calyon Crédit Agricole CIB, HSBC Bank Middle East and JP Morgan to arrange a fully underwritten $500 million five-year term loan.

The facility represents the first syndicated debt market financing ever undertaken by Arab Bank in its 77-year history. The move comes in line with the bank's strategy aiming at diversifying funding resources and the efficient management of its assets and liabilities.

Calyon, HSBC Bank and JPMorgan will also act as bookrunners for this debut transaction.

Arab Bank was established in 1930 as the first private sector financial institution in the Arab World.  Based in Amman, Jordan, Arab Bank enjoys an unmatched Middle Eastern branch network and a global footprint spanning 29 countries across five continents.

Arab Bank ranks among the leading international banks in terms of equity, earnings and assets. It maintains a strong presence in key markets and financial centers such as London, Singapore, Zurich, Paris, Frankfurt, Sydney, New York, Dubai and Bahrain, said a spokesman.

The bank provides a wide variety of financial services to individuals, corporations, government agencies and other international financial institutions. 

Arab Bank Group is comprises Arab Bank  (along with its subsidiaries and affiliates) and its sister institution Arab Bank (Switzerland).

During 2006, Arab Bank recorded a pretax profit of $790 million and net income after tax of $625 million.