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Sat 15 Sep 2012 01:15 PM

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UAE's First Gulf Bank hires banks for $800m loan

UAE's second largest lender mandates local, international banks to arrange 3-year facility

UAE's First Gulf Bank hires banks for $800m loan
PROFIT RISE: Abu Dhabis second-largest bank by market value posted a profit of AED787mfor the three months to June 30.(ITP Images)

Abu Dhabi-based First Gulf Bank said on Saturday it has hired a number of banks to arrange a $800m loan.

The UAE's second largest lender said in a statement that it has mandated The Bank of Tokyo-Mitsubishi, Citibank, Commerzbank Aktiengesellschaft Deutsche Bank, HSBC, Mizuho Corporate Bank, National Bank of Abu Dhabi and Standard Chartered Bank to arrange the three year loan facility.

Andre Sayegh, CEO of First Gulf Bank, said: "In line with its continuous efforts to efficiently manage its balance sheet, and maintain its consistently strong performance, FGB is arranging for this loan facility to support its growth and expansion in the local and targeted international markets.

"The facility adds diversification to the sources of funds and improves the funding maturity profile on FGB's balance sheet."

As well as a wide network of branches across the UAE, FGB has branches in Singapore and Qatar, a representative office in India and a subsidiary in Libya.

The bank said the loan will be used for general financing purposes.

First Gulf Bank in July reported a 14 percent year-on-year rise in second quarter net profit.

The lender, which is part-owned by Abu Dhabi's ruling family, made a net profit of AED1.017bn ($276m) between April and June 2012, compared with AED890m in the same period the year before.

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