Kuwait's Burgan Bank says secures $350m loan

The country's third largest lender by assets says it secured more than its funding target
By Reuters
Sun 27 Dec 2015 11:17 AM

Kuwait's Burgan Bank has secured a $350 million syndicated loan with a life span of two years, the country's third-largest lender by assets said on Sunday.

Burgan Bank said the initial funding target was $300 million and the higher amount reflects the strength of the lender in the current tight loan market conditions.

Commerzbank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Societe Generale, Standard Chartered and Wells Fargo are the banks who participated in the transaction, the lender said.

Sources told Reuters earlier this month that the bank was close to completing the facility, which would last for two years and be funded by local and international lenders.

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