The deal is split between a three-year $183m tranche, with margins of 70 basis points over the London interbank offered rate (Libor), and a $342m five-year tranche with margins of 100 basis points over Libor.

About 15 banks are understood to be financing the deal, with each bank contributing up to $35m.

The deal was arranged by Calyon, which has a 31 per cent stake in Saudi Fransi, as well as Intesa Sanpaolo, RZB, WestLB and Sumitomo Mitsui Banking Corporation (MEED 11:9:08).