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Thu 27 Dec 2012 11:57 AM

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Sharjah's UAB secures $125m loan deal

United Arab Bank says it will use two-year facility for general corporate purposes

Sharjah's UAB secures $125m loan deal
(Photo for illustrative purposes only)

Sharjah-based United Arab Bank has secured a club loan worth $125m for general corporate purposes, a company statement has said.

The two-year facility, which can be extended to three years, was signed at a margin of 150 basis points over the London interbank offered rate (Libor).

The loan was coordinated by Commerzbank, which also acted as lead arranger along with Standard Chartered, Commercial Bank of Qatar, National Bank of Abu Dhabi and Emirates NBD.

UAB was set up in 1975 as a joint venture between UAE investors and Societe Generale and it currently operates 20 branches and offices across the country.

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