GIB to start roadshow for bond issue

27 November 2012

Bahrain-based bank Gulf International to meet international investors for bond issue

Bahrain-based Gulf International Bank (GIB) is to meet international investors over the next week as it prepares to issue a bond expected to be at least $500m in size.

The investor roadshow will start in the UAE on 28 November and finish on 3 December, after visiting Singapore, Hong Kong and London.

GIB appointed itself, along with the US’ JP Morgan, the UK’s Barclays and Standard Chartered, France’s Societe Generale and the National Bank of Abu Dhabi to arrange the deal.

After suffering deep losses as a result of the financial crisis and its investments in US structured products, the bank received a $4.8bn bailout from its shareholders, the six governments of the GCC. A rights issue left the bank 97 per cent owned by the government of Saudi Arabia. GIB now plans to launch retail banking operations in the kingdom as it tries to diversify its business away from a concentration on investment banking activities.

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