The Arab Banking Corporation, Citigroup, Commerzbank Aktiengesellschaft and Standard Chartered Bank have closed and signed the debut $275 million syndicated term loan facility for Union National Bank.
Syndication achieved a significant oversubscription with around $300 million raised from the market and Union National Bank elected to increase the facility amount from the initial $150 million to $275 million.
There was broad support from local, regional and international banks with a total of 31 banks including the four Lead Arrangers participating in the financing. A list of participating banks is attached.
Union National Bank 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 by the public.
Union National Bank 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 giving it an ROAA of 2.15 percent and an ROAE of 18.93 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com )