SAIB Asks Banks To Contribute To Petroleum Marine Loan

By Administrator On Apr 28, 2013

Société Arabe Internationale de Banque (SAIB) has started to ask other banks to contribute to the US$ 50 million loan offered to Petroleum Marine Service Company (PMS), as part of the bank’s efforts to solve the power shortage crisis in the current period.

Sources told Amwal Al Ghad that a club deal consortium of three or four banks is likely to be composed to arrange the syndicated loan.

SAIB targets to raise its portfolio of loans and credit facilities by EGP 1.8 billion to reach EGP 6 billion by the end of 2013, compared to EGP 4.1 billion at the end of 2012. The bank achieved net profit of EGP 177 million at the end of 2012, compared to EGP 121 million by the end of 2011.

PMS is established in 2001 and it serves the oil and gas industry in the field of offshore construction, installation and maintenance.