Abu Dhabi-listed United Arab Bank signs $250m loan

The bank initially aimed for a total of $200 million but decided to expand the financing

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United Arab Bank, the sixth-largest lender by market value on the Abu Dhabi bourse, signed a $250 million, two-year loan facility to be used to fund its general business.

The bank had originally aimed for a total size of $200 million but, having received subscriptions worth over twice this amount, it decided to expand the financing, it said in a statement late on Sunday.

UAB’s deal was backed by a dozen lenders, with Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, Arab Banking Corp, First Gulf Bank, National Bank of Umm al-Qaiwain and Union National Bank acting as bookrunners.

The other banks involved were Al Khaliji Commercial Bank, Bank of America-Merrill Lynch, Commercial Bank of Dubai, Commercial Bank of Qatar, Commerzbank and Standard Chartered.

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