x Abu Dhabi, UAESunday 23 July 2017

United Arab Bank obtains $125m loan

United Arab Bank has secured a two-year club loan worth $125 million, the lender based in Sharjah said.

Sharjah-based United Arab Bank has secured a club loan worth $125 million for general corporate purposes, a company statement said on Wednesday.

The two-year facility, which can be extended to three years, was signed at a margin of 150 basis points over the London interbank offered rate (Libor).

The loan was coordinated by Commerzbank, which also acted as lead arranger along with Standard Chartered , Commercial Bank of Qatar, National Bank of Abu Dhabi and Emirates NBD.

UAB was set up in 1975 as a joint venture between UAE investors and Societe Generale and it currently operates 20 branches and offices across the country.

* Reuters