The mandated lead arrangers on the loan are Bank of America, Calyon, Deutsche Bank, JP Morgan and San Paulo IMI. Syndication is due to close in late September. In a further attempt to raise additional funds for expansion, ADCB in August announced plans to more than double capital to AED 3,900 million ($1,063 million) through a 30 per cent stock dividend and a 1:1 rights issue (MEED 5:8:05).

Barclays Capitaland Citigrouphave been appointed to arrange a subordinated debt issuance for Gulf International Bank (GIB). The deal is due to come to market by the end of the month. GIB took an $800 million, five-year syndicated loan in April (MEED 6:5:05).