• Home
• /
• Finance

UAB signs $250m syndicated loan deal

United Arab Bank, or UAB, the fastest-growing bank in the Middle East, on Sunday announced the completion of a $250 million syndicated loan.

The syndicate of 12 multinational and regional banks signed a two-year term loan facility for UAB. The facility was originally targeted to raise $200 million, but received subscriptions of more than double this amount. The loan will be used for general corporate purposes.

In the landmark deal, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank acted as documentation and facility agents whilst also participating as book-runners and mandated lead arrangers. Other book-runners and mandated lead arrangers include Arab Banking Corporation, National Bank of Umm al Quwain, First Gulf Bank and Union National Bank. Lead arrangers participating in the facility include Commercial Bank of Dubai, Commercial Bank of Qatar, Al Khalij Commercial Bank, Standard Chartered Bank, Commerzbank and Bank of America Merrill Lynch.

Paul Trowbridge, chief executive officer of UAB, said: “I am delighted that this landmark transaction has been completed, with the support of key relationship banks, both international and local. The successful completion of this loan facility affirms United Arab Bank’s fundamental strengths and reinforces our commitment to be a key player in the UAE market. It is also testament to the confidence the banks have in us.”

UAB has recently posted record third-quarter results with a 39 per cent growth in profits and stirred the UAE market with the first-of-its-kind alliance with leading football club FC Barcelona.

• rohma@khaleejtimes.com