Gulf International Bank (GIB) has mandated Commerzbank Aktiengesellschaft to arrange a $200 million syndicated term loan facility, marking the bank's first foray into the international syndicated loan market. General syndication was expected to begin on 21 September, with a signing due by late October or early November.

'We are trying to extend the maturity of our liabilities,' says one senior GIB official. 'The market is ready to accept GIB for a five-year tenure.' The loan will have a maturity of five years, and is priced at 42.5 basis points above the London interbank offered rate (Libor). The funds will be used for general purposes.

The co-arrangers for the loan are Bank of Tokyo, Bayerische Landesbank, Citibank, Fuji Bank, JP Morgan, National Bank of Kuwait and Societe Generale. Fees have not been disclosed.

GIB is a wholly owned subsidiary of the Kuwait-based Gulf Investment Corporation, which was set up by the six governments of the GCC.

Omar Bayoumi has been appointed managing director and head of emerging markets at BZW, the investment banking arm of Barclays. Bayoumi, whose father was born in Cairo, is moving from his post as finance director at Harrods, the Egyptian-owned department store. Previously, Bayoumi spent 10 years as a director of corporate finance at Warburg, where he covered countries, including Turkey, Portugal and Brazil.

Medhat Sadek will retire as general manager of the Bahrain-based Arab Financial Services on 30 September, after working with the company for 11 years. Deputy general manager Mahmoud al-Koofi has been appointed acting general manager. Sadek joined the company when it was founded by 57 Arab banks and financial institutions in 1984. He has also been a board member of the Arab Banks Union since 1986.