Published: August 22, 2013
UAE-based lender taps local and international banks for US$200mn to finance dollar deals.
Bank of Sharjah, the emirate’s largest bank, has raised a US$200mn club term loan from a group of regional and international banks.
The two-year loan was priced at 1.25% per annum, 25 basis points cheaper than the bank’s previous loan, signed in June 2011.
Mandated lead arrangers on the latest deal were National Bank of Abu Dhabi, Commercial Bank of Dubai, Commerzbank, First Gulf Bank and Wells Fargo.
The bank, which is listed on the Abu Dhabi Securities Market, will use the money to fund US dollar-denominated transactions.
Bank of Sharjah is a corporate bank with five branches across the United Arab Emirates and assets of US$6.2bn. Last year it launched private banking and wealth management services in a deal with Commerzbank.