UAE’s United Arab Bank Obtains $125m Club Loan

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.