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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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