UAE's United Arab Bank obtains $125 mln club loan

DUBAI, Dec 26 (Reuters) - 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.

(Reporting by Rachna Uppal; Editing by Praveen Menon)

Most Popular in Business