Bahrain-based Arab Banking Corporation (ABC) has successfully closed the syndication of its $175 million loan for a Kuwaiti finance company, the bank announced yesterday.

ABC is the mandated lead arranger of the five-year facility, which was raised for the Commercial Facilities Company (CFC).

The bank encountered such strong interest from the local financial market that it upped the local amount from $150 million  to $170 million.

Syndicate banks include leading institutions from the Gulf, North Africa and Europe, with a strong Bahraini contingent.

Co-arrangers of the deal include National Bank of Bahrain (NBB) and Bahraini Saudi Bank.

The signing ceremony was held at ABC's headquarters, in Manama, yesterday.

'ABC's close relationship with CFC spans back more than 20 years and arranging this syndication strengthens the foundation of a long-standing partnership,' said ABC's deputy chief executive Abdulmagid Breish.

CFC was established in 1977 as the first Kuwaiti closed shareholding company specialised in offering consumer finance facilities to the local market.

It has since developed its business to become a leading provider of consumer credit in Kuwait.

Capital Intelligence has assigned CFC an A- rating with a stable outlook. TradeArabia News Service