United Arab Bank (UAB), a leading bank in the Middle East, has announced the completion of a two-year $250 million syndicated loan facility, signed by 12 multinational and regional banks.

The term loan facility was originally targeted to raise $200 million, but received subscriptions of more than double this amount. The loan will be used for general corporate purposes.

National Bank of Abu Dhabi and Abu Dhabi Commercial Bank acted as documentation and facility agents while 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.

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,” he added.

United Arab Bank, currently operating with 28 branches spread across the UAE, recently posted record Q3 results with a 39 per cent growth in profits. – TradeArabia News Service