Bank of Sharjah plans syndicated loan

Bank of Sharjah plans syndicated loan

Published: July 21, 2011

UAE bank names arrangers, targets US$100mn+ in new funding.

Bank of Sharjah has appointed Commerzbank, National Bank of Abu Dhabi, Intesa Sanpaolo and Wells Fargo to arrange a new two-year syndicated loan.

The UAE bank plans to secure at least US$100mn for general corporate purposes. The management team says the goal is “to source US dollars to manage the bank’s assets and liabilities and currency mismatches”.

The loan will follow a one-year US$150mn club deal arranged last year and due on July 29.