Gulf International Bank (GIB), the pan-GCC’s leading banking institution, yesterday announced the establishment of a $3 billion certificate of deposit (CD) program that will further strengthen the bank’s funding platform and enhance its access to short-term wholesale funding markets.
The program is an important milestone in GIB’s ongoing funding diversification strategy and provides the bank with further flexibility to access a broad base of regional and international institutional investors.
The CD program complements GIB’s existing funding sources and supports the bank’s prudent liquidity, balance sheet and cash management objectives.
This is intended to further enhance the bank’s access to investors in the global money market and support its long-term capital diversification strategy.
Commenting on the establishment of the CD programme, Meshari Almogbel, Group Chief Investment and Financial Officer, said:
“The CD program strengthens our access to institutional investors, further diversifies our funding sources, and enhances our ability to efficiently manage liquidity across market cycles. This initiative reflects our commitment to maintaining a resilient and well-diversified funding profile while supporting the bank’s long-term strategic objectives.”
The CD program was established with Mizuho International as the arranger and Mizuho International and Nomura as the dealers.
The CD program is expected to be utilized in line with market conditions, investor demand, and banks’ funding requirements.
GIB maintains strong investment grade credit ratings from major international rating agencies including Fitch Ratings (A-/Stable), Moody’s Investors Service (A2/Stable) and Capital Intelligence Ratings (A+/Stable). These ratings reflect the bank’s strong capitalization, healthy liquidity profile, prudent risk management framework, and established franchise across the Gulf region.
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