ICBC Leasing, a unit of Industrial & Commercial Bank of China Ltd., hired Dubai-based Emirates NBD and Commercial Bank International to arrange a $300 million loan, according to three people familiar with the matter.
The facility will be priced at 2.1 percent above the London interbank offered rate and syndication is expected to be completed by the end of this month, the people said, asking not to be identified as the information is private.
ICBC agreed to buy Turkey’s Tekstil Bankasi AS in April as the Beijing-based lender seeks to boost earnings from the Middle East by 50 percent this year, Zhou Xiaodong, chief executive officer for the region, said in a February interview.
China is the third-largest trading partner for the United Arab Emirates and Saudi Arabia’s largest, according to data compiled by Bloomberg. Trade between Saudi Arabia and China rose by 72 percent between 2008 and 2013.
ICBC didn’t respond to requests to comment. Emirates NBD and CBI also didn’t respond to requests to comment.