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National Bank of Abu Dhabi secures $2bn loan

National Bank of Abu Dhabi secures $2bn loan

The loan comes ahead of the bank’s merger with First Gulf Bank, expected in the first quarter of 2017

National Bank of Abu Dhabi (NBAD) has secured a $2bn loan, it said in a bourse statement on Wednesday.

Reuters reported last month that the bank aimed to complete the loan, aimed at refinancing existing bilateral debt and provide new funding, by the second week of December.

On October 27 NBAD said raising the money would help consolidate its banking relationships ahead of its planned merger with First Gulf Bank.

The merger will create one of the largest banks by assets in the Middle East and Africa when completed in the first quarter of 2017.

NBAD on Wednesday did not elaborate on the details of the loan, but sources told Reuters last month that it would have a lifespan of three years and require participating lenders to each pledge $200m in return for a fee of 30 basis points.

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