UAE lender United Arab Bank said to secure $150m loan

Transaction is the latest loan raised by a regional bank as liquidity comes under pressure from lower oil prices
UAE lender United Arab Bank said to secure $150m loan
By Reuters
Tue 05 Jul 2016 01:52 PM

United Arab Bank (UAB), a United Arab Emirates-based lender, has secured a $150 million loan of two years duration, sources aware of the matter said on Tuesday.

The transaction is the latest loan raised by a regional bank as liquidity comes under pressure from lower oil prices and a weaker economy.

UAB began a marketing period for the loan in May, saying at the time that the cash would be used for general corporate purposes and prepayment of an existing syndicated facility.

Bahrain's Bank ABC, Germany's Commerzbank and UAE's Emirates NBD arranged the deal, which was closed at the end of June, according to three sources aware of the matter.

Four additional banks joined the transaction during the marketing phase, two of the sources said: Banco Popular Espanol , Banka Kombetare Tregtare, Commercial Bank of Qatar and Habib Bank.

UAB did not immediately respond to a request for comment.

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