Sharjah, 22 December 2013 - United Arab Bank (UAB), the fastest growing bank in the Middle East, announced the completion of a US$250 million syndicated loan. The syndicate of 12 multinational and regional banks signed a 2-year term loan facility for UAB. The facility was originally targeted to raise US$200 million, but received subscriptions of more than double this amount. The loan will be used for general corporate purposes.
In the landmark deal, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank acted as Documentation and Facility Agents whilst also participating as book runners and mandated lead arrangers. Other book runners and mandated lead arrangers include Arab Banking Corporation, National Bank of Umm al Quwain, First Gulf Bank and Union National Bank. Lead arrangers participating in the facility include Commercial Bank of Dubai, Commercial Bank of Qatar, Al Khalij Commercial Bank, Standard Chartered Bank, Commerzbank and Bank of America Merrill Lynch.
Commenting on the closing of the syndicated loan, Paul Trowbridge, Chief Executive Officer, United Arab Bank, said: “I am delighted that this landmark transaction has been completed, with the support of key relationship banks, both international and local. The successful completion of this loan facility affirms United Arab Bank’s fundamental strengths and reinforces our commitment to be a key player in the UAE market. It is also testament to the confidence the banks have in us.”
United Arab Bank, currently operating with 28 branches spread across the UAE, has recently posted record Q3 results with a 39% growth in profits and stirred the UAE market with the first-of-its-kind alliance with leading football club FC Barcelona. Backed by a unique and competitive portfolio of products and a dynamic team, United Arab Bank is poised for continued growth in support of the UAE’s ambitious economic plans.
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