International consortium arranges $150 million loan facility for UNB

Published September 29th, 2003 - 03:00 GMT

An international banking consortium comprising Bahrain's Arab Banking Corporation (ABC) has been mandated on a fully underwritten basis to arrange and syndicate, on behalf of Union National Bank (UNB), a debut three-year $150 million term loan facility. Syndication is due to be launched shortly.

The consortium includes Citigroup, Commerzbank Aktiengesellschaft and Standard Chartered Bank. Proceeds of the facility will be used for general funding purposes and will carry a margin of 42.5 basis points per annum.

UNB is the sixth largest bank in terms of assets in the United Arab Emirates (UAE). It is 40 percent owned by the Abu Dhabi Government, 10 percent by the Abu Dhabi Investment Authority, 10 percent by the Dubai Government and 40 percent is held by the Public.

UNB has 26 branches throughout the UAE and is a full service bank serving retail and corporate customers. For the year ending December 31, 2002, it reported a net profit of $81.7 million with a balance sheet size of four billion dollars. — (menareport.com)