Sharjah-based United Arab Bank (UAB) has signed a two-year landmark deal with 12 multinational and regional banks to secure $250m syndicated loan.
The lender will use the loan amount for general corporate purpose.
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The lead arrangers for the loan include National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Arab Banking Corporation, National Bank of Umm al Quwain, First Gulf Bank, Union National Bank, Commercial Bank of Dubai, Commercial Bank of Qatar, Al Khalij Commercial Bank, Standard Chartered Bank, Commerzbank and Bank of America Merrill Lynch.
UAB CEO Paul Trowbridge 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."
UAB currently operates 28 branches across the UAE and posted 39% growth in the recent third quarter (Q3) results.
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