Bahrain-based Ahli United Bank (AUB) is close to agreeing a new $800 million syndicated loan to beat deteriorating global finance market and improve its funding position, said a magazine report.

The deal is a refinancing of an existing $1.2 billion debt that was due to mature in 12 months, said the London-based Meed in an unsourced report.

The new deal was arranged by Bayern LB, Commerzbank, Lloyds TSB, Mizuho and Royal Bank of Scotland.