Proceeds of the Facility will be used for general funding purposes and will carry a margin of 42.5 basis points per annum.
Union National Bank is the sixth largest bank in terms of assets in the United Arab Emirates (UAE). It is 40% owned by the Abu Dhabi Government, 10% by the Abu Dhabi Investment Authority, 10% by the Dubai Government and 40% is held 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 ended December 31, 2002, it reported a net profit of USD 81.7 Million {AED 300.27 Million} with a balance sheet size of USD 4 Billion {AED 14.7 Billion} giving it an ROAA of 2.15 % and an ROAE of 18.93%.
Arab Banking Corporation (B.S.C.), Citigroup, and Standard Chartered Bank will act as Joint Bookrunners while Commerzbank International SA will act as the Facility Agent and Standard Chartered Bank as the Documentation Agent.
Syndication is due to be launched shortly.
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Union National Bank USD150,000,000 Syndicated Term Loan Facility
- Bahrain: Saturday, September 27 - 2003 at 11:08
- PRESS RELEASE
Arab Banking Corporation (B.S.C.), Citigroup, Commerzbank Aktiengesellschaft and Standard Chartered Bank (the 'Lead Arrangers') are pleased to announce that they have been mandated on a fully underwritten basis to arrange and syndicate on behalf of Union National Bank a debut three-year USD150 million term loan facility (the 'Facility').
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