Union National Bank, 50 per cent owned by the Abu Dhabi government, has picked five banks to raise a $500 million three-year syndicated loan, it said in a statement on Thursday.

The fifth-largest lender on the Abu Dhabi exchange by assets has mandated Commerzbank, First Gulf Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered to arrange the deal, it said in the bourse filing.

The bank posted a 20 per cent rise in first-quarter net profit in April. – Reuters