Union National Bank arranges $100m Syndicated Loan Facility for UAE Exchange Centre LLC.

The announcement was made during a signing ceremony held on September 30th in Union National Bank's Head Office in Abu Dhabi.

The facility which extends for three years is going to be directed to support the company's aggressive expansion plan in the coming few years both locally and internationally.

Union National Bank " UNB" was the underwriter and mandated lead arranger for the transaction which also witnessed the participation of Commercial Bank of Dubai as a lead arranger, Barclays Bank as arranger and both Abu Dhabi Commercial Bank and National Bank of Dubai as Co-arrangers.

Commenting on the agreement, Mr. Mahmoud Halawa, Senior Vice President & Head of Corporate Banking, UNB said: "UNB has been at the forefront in supporting various sectors of the economy that contribute to the development of UAE, we have always supported our customer to achieve higher levels of growth and success. By signing this agreement with UAE Exchange, we are affirming our support to the company in this important phase of its growth and we hope that this transaction becomes another chapter in our successful relationship with the company and the group".

UAE Exchange Centre is a global player in money remittance and money exchange with direct presence in 16 countries, with over 350 direct offices worldwide, more than 25,000 agent locations in over 80 countries and a correspondent banking relationship with more than 130 major banks across the globe. The company has the widest network in UAE with 50 branches covering the entire expanse of the country.

H.E. Abdullah Humaid Al-Mazrouei Chairman of the company stated that, "UAE Exchange , is very pleased to have successfully concluded this facility agreement with a group of elite banks in the UAE led by UNB. This agreement reflects the banks' confidence in our performance and strategies and we are determined to justify this strong confidence by achieving our strong targeted growth in the coming few years ".

UNB has a wide network of 51 locations in the UAE, UNB also operates in Egypt through its subsidiary - Alexandria Commercial and Maritime Bank, which has nine branches.

Besides the Islamic Banking Group within UNB, it also has its newly formed Islamic finance subsidiary company "Al-Wifaq Finance Company" which extends a full range of Islamic finance products.