FGB hires banks for $800m loan

Abu Dhabi, September 16, 2012

First Gulf Bank (FGB) has mandated eight banks to arrange an $800 million loan to fund its growth and expansion, the Abu Dhabi-based lender said.

The banks that have been mandated include Bank of Tokyo-Mitsubishi UFJ (MUFJ), Citibank, Commerzbank, Deutsche Bank, HSBC, Mizuho Corporate Bank, National Bank of Abu Dhabi and Standard Chartered as lead arrangers, the bank said in a statement.

"FGB is arranging for this loan facility to support its growth and expansion in the local and targeted international markets," CEO Andre Sayegh said in the statement.

The facility will help diversify FGB's sources of funds and improves the funding maturity profile on the bank's balance sheet, he added.

In January the bank, which is majority owned by the emirate's ruling family, raised $500 million through a five-year sukuk, part of a $3.5 billion Islamic bond programme it established last year.-Reuters

Tags: abu dhabi | First Gulf Bank | Expansion | loan | mandate |