Exclusive: First Saudi Arabian-linked banks join al-Gosaibi debt settlement plan:
"Two Saudi Arabian-linked banks have become the first lenders with ties to the kingdom to sign a debt settlement plan with Ahmad Hamad al-Gosaibi and Brothers (AHAB), the company’s chief executive said, opening the way for the conglomerate to try to push through a multibillion-dollar deal with creditors. Since AHAB defaulted on about 22 billion riyals ($5.9 billion) of debt in 2009, Saudi banks and those with links to the kingdom have refused to join other creditors in a debt settlement deal, arguing the terms on offer were not satisfactory. But in the last few weeks, Bahrain-based Gulf International Bank (GIB), 97 percent owned by Saudi Arabia’s Public Investment Fund, and Alawwal Bank 1040.SE, Saudi Arabia’s oldest lender and 40 percent owned by Royal Bank of Scotland (RBS.L), have signed the deal with AHAB, sources familiar with the process said."
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