Burgan Bank has announced its corporate banking group has successfully completed a finance deal with United Arab Shipping Company (UASC), one of the largest shipping companies in the Middle East.

The $150 million loan will be used for financing the capacity expansion undertaken by UASC through the acquisition of nine A13 class container ships. The signing ceremony took place yesterday.

Majed Essa AL Ajeel, chairman, Burgan Bank, said: “Burgan Bank’s corporate banking group has proved over the years to be a reliable partner for growth by industry leaders such as UASC.”

“The group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans. Our support reiterates our commitment to develop and provide the best financial solutions to our clients and their businesses,” he said.

UASC is owned by six Gulf countries - Kuwait, Qatar, Saudi Arabia, Bahrain, UAE and Iraq. – TradeArabia News Service