Pine raises US$37.5mn in first Islamic funding deal

Tuesday, December 20, 2011

Brazil's Banco Pine has obtained a US$37.5mn loan from Saudi Arabia's Al Rajhi Bank in its first Islamic funding deal, Pine said in a statement.

The one-year loan is part of Pine's strategy to diversify its international funding sources.

Pine also announced that it had signed a 10-year loan of US$25mn with French development finance institution Proparco.

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Pine will use these resources for loans with minimum terms of five years to companies engaged in sugar and ethanol, food processing and commodities' export.

Banco Pine is a wholesale bank that focuses on the corporate banking segment.