UAE's United Arab Bank inks $250m loan deal

UAB's deal was backed by a dozen lenders; will be used to fund its general business
UAE's United Arab Bank inks $250m loan deal
By Reuters
Mon 23 Dec 2013 05:08 PM

United Arab Bank, the sixth-largest lender by market value on the Abu Dhabi bourse, signed a $250 million, two-year loan facility to be used to fund its general business.

The bank had originally aimed for a total size of $200 million but, having received subscriptions worth over twice this amount, it decided to expand the financing, it said in a statement late on Sunday.

UAB's deal was backed by a dozen lenders, with Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, Arab Banking Corp, First Gulf Bank, National Bank of Umm al-Qaiwain and Union National Bankacting as bookrunners.

The other banks involved were Al Khaliji Commercial Bank , Bank of America-Merrill Lynch, Commercial Bank of Dubai, Commercial Bank of Qatar, Commerzbank and Standard Chartered.

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