We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 27 Oct 2016 03:10 PM

Font Size

- Aa +

Abu Dhabi banking giant NBAD says seeking $2bn loan

National Bank of Abu Dhabi is currently being merged with First Gulf Bank to create one of the largest banks in the Middle East

Abu Dhabi banking giant NBAD says seeking $2bn loan

National Bank of Abu Dhabi, the emirate's largest lender by assets, on Thursday said it began marketing to banks a $2 billion loan it is trying to raise to refinance existing bilateral facilities as well as provide new term funding.

The three-year loan carries pricing of 0.65 percent over the London interbank offered rate (Libor) and is expected to close by end of this year, NBAD said in a statement.

The loan will be marketed to existing relationship banks of NBAD and a selected number of international lenders, with Group Treasurer Stephen Jordan quoted in the statement as saying the transaction "will help consolidate and define our preferred relationships" for the future.

NBAD is currently being merged with First Gulf Bank to create one of the largest banks by assets in the Middle East and Africa. The deal is expected to be completed in the first quarter of 2017.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance 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.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.