United Arab Bank (UAB) has announced the successful conclusion of its $195 million two--year syndicated term loan facility signed on June 19. 

 

The proceeds of the facility will be used for general corporate purposes. The facility was initially launched at $150 million and closed at $195 million, said a statement. 

 

The transaction was arranged by Abu Dhabi Commercial Bank, Bank ABC, Commerzbank Aktiengesellschaft, Filiale Luxemburg (Commerzbank), Emirates NBD Capital Limited and Intesa Sanpaolo SpA, Dubai Branch as mandated lead arrangers and bookrunners. 

 

Further, Bank ABC acted as the coordinating bank and Commerzbank as the facility agent, it said. 

United Arab Bank was incorporated in 1975 as a private joint stock company in Sharjah, UAE. The legal form of the bank was converted to a public joint stock company in July 1982. In March 2005, the bank’s issued share capital was listed on the Abu Dhabi Securities Exchange. 

 

UAB offers its customers a comprehensive suite of retail banking and corporate/institutional banking services supported by trade finance treasury services, in addition to Islamic banking solutions. – TradeArabia News Service