United Arab Bank obtains $125m club loan
Dubai, December 26, 2012
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 Plc , 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
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