National Bank of Fujairah signs $235m club loan

  • Share via facebook
  • Tweet this
  • Bookmark and Share

National Bank of Fujairah (NBF) on Sunday said it had signed a $235m two- year club loan with a consortium of lenders.

The amount is less than the $250m the lender expected to raise when it launched the loan in April, to refinance an existing facility maturing this month.

The funds are for NBF's general business activities, a company statement said.

Emirates NBD , National Bank of Abu Dhabi, Wells Fargo, Commerzbank, HSBC, Standard Chartered and Lloyds TSB were all mandated lead arrangers on the deal.

Commerzbank was also the facility agent, NBF said.

Among NBF's major shareholders are the governments of Fujairah and Dubai, both emirates within the UAE. NBF did not disclose the pricing for the transaction in its statement.

Although there is increasing lending activity again, financial institutions in the UAE are still struggling to attract bank lending which is still mainly reserved only for the top-tier quasi sovereign or highest rated credits.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
MidEast boutiques seek to become fashionable M&A choice

MidEast boutiques seek to become fashionable M&A choice

Number of such firms in the Middle East is growing, centred on...

Saudi money market turmoil shows bank jitters over bond issues

Saudi money market turmoil shows bank jitters over bond issues

Money market moves show concern about Saudi banks' ability to...

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Most Popular
Most Discussed
  • 20
    Why I'm giving all my wealth away

    It takes a very big heart and ultimate understanding of oneself to do what Alwaleed has set out to do. He joins the likes of Bill Gates, Warren Buffet... more

    Monday, 24 August 2015 9:13 AM - Rakesh Jain
  • 15
    Where should you stick your cash right now? Probably under the bed

    Gold and silver will shine and you should note the market has just bottomed as one commentator predicted in The National earlier this month. The dollar... more

    Thursday, 20 August 2015 2:36 PM - Peter Cooper
  • 7
    How to buy freehold property in Dubai

    I want to purchase property for personal leaving in UAE, and I do not have either resident or work visa of UAE. But I'm leaving about 8 years in Saudi... more

    Sunday, 30 August 2015 9:29 AM - Rizwan A