Arab Bank shores up Australian operation with funding program
(3 February 2004 – Australia) Arab Bank Australia has signed a $A200 million combined Electronic Certificate of Deposit (ECD), Transferable Deposit (TD) and Medium Term Note (MTN) program, which will be arranged and managed by ANZ.
The bank said the establishment of the combined non-underwritten revolving program illustrated its commitment to the Australian market and established a platform for future funding requirements.
Arab Bank said the arrangement allowed it to draw from an array of funding sources, both domestically and offshore, without incurring Australian withholding tax.
Initial dealers of the program, which may be denominated in US, Australian dollars or other currencies, are Arab Bank Australia, Arab Bank, ANZ, National Australia Bank, Société Générale Australia and Westpac.
Arab Bank Australia, a wholly owned subsidiary of Arab Bank, has been operating in Australia since 1986.
Its 90 day Term Deposit ($5000) account was named best in Australia by Money Magazine this month, while its Cash Management ($5000) account was rated third best.
Arab Bank said the arrangement allowed it to draw from an array of funding sources, both domestically and offshore, without incurring Australian withholding tax.
Initial dealers of the program, which may be denominated in US, Australian dollars or other currencies, are Arab Bank Australia, Arab Bank, ANZ, National Australia Bank, Société Générale Australia and Westpac.
Arab Bank Australia, a wholly owned subsidiary of Arab Bank, has been operating in Australia since 1986.
Its 90 day Term Deposit ($5000) account was named best in Australia by Money Magazine this month, while its Cash Management ($5000) account was rated third best.
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