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The upgrade of UAB’s deposit ratings to investment grade (Baa3) reflects the bank’s improved asset quality and profitability metrics; Outlook remains positive
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CBD obtains $450 million financing
Commercial Bank of Dubai, or CBD, said on Thursday it signed to obtain a $450 million, three-year loan which would be used for general business purposes.
The new loan has an interest rate of 1.25 per cent above the London interbank offered rate (Libor), the filing to the Dubai bourse said. It replaces a facility of the same amount which was raised in 2011 but was repaid in October this year. Nine banks contributed to the facility, the statement added: Arab Banking Corp, Bank of New York Mellon, Citibank, Commerzbank, ING, JP Morgan Chase, National Bank of Abu Dhabi, Natixis and Standard Chartered.
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