Mutual Trust Bank closed a $55m dual tranche syndicated financing facility

Mutual Trust Bank has closed a $55 million 1-year dual tranche syndicated financing facility arranged by Mashreq, a financial services provider in the Gulf Cooperative Council, Europe, USA, Asia and Africa.

The loan has been extended to support the international trade finance of MTB, the facility, which was subscribed by seven lenders spread over GCC, Africa and Europe, said a press release.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector wing of Islamic Development Bank Group, Habib Bank (the UK and Belgium), Bank Muscat, Doha Bank and Caixa Bank are included among the seven lenders.

The MTB organised a closing ceremony at its head office, where Syed Mahbubur Rahman, managing director of the bank, and Kazi Ziaul Islam, chief country representative of Mashreq Bank, were present.

Tafsir Ahmed, unit head of syndications was present as a representative of ICD, while Mustafa Aziz Ata, global head of FI and NBFI virtually joined the event along with all the representatives of the partner banks.