The closing was marked by a signing ceremony in Abu Dhabi on 1st December 2003 attended by the senior management of Union National Bank.
Syndication achieved a significant oversubscription with around US$300,000,000 raised from the market and Union National Bank elected to increase the facility amount from the initial US$150,000,000 to US$275,000,000. 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.
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Syndicated term loan facility for Union National Bank
- United Arab Emirates: Monday, December 01 - 2003 at 13:30
- PRESS RELEASE
Arab Banking Corporation (B.S.C.), Citigroup, Commerzbank Aktiengesellschaft and Standard Chartered Bank (the 'Lead Arrangers') are pleased to announce the successful close and signing of the debut USD 275,000,000 syndicated term loan facility for Union National Bank.
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About Union National BankUnion 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 US$81.7 million (AED 300.27 million) with a balance sheet size of US$4 billion (AED 14.7 billion) giving it an ROAA of 2.15% and an ROAE of 18.93%.
For any further enquiries, please contact:
Arab Banking Corporation (B.S.C.)
John McWall
Tel. +973 543967 / 9402291
Posted by Christine H. Andersen, Assistant News EditorMonday, December 01 - 2003 at 13:30 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Dec 10 2003.
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