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9 months ago
National Bank of Abu Dhabi secures $2 billion loan
December 7, 2016 / 10:09 AM / 9 months ago

National Bank of Abu Dhabi secures $2 billion loan

DUBAI, Dec 7 (Reuters) - National Bank of Abu Dhabi (NBAD) has secured a $2 billion loan, it said in a bourse statement on Wednesday.

Reuters reported last month that the bank aimed to complete the loan, aimed at refinancing existing bilateral debt and provide new funding, by the second week of December.

On Oct. 27 NBAD said raising the money would help consolidate its banking relationships ahead of its planned merger with First Gulf Bank.

The merger will create one of the largest banks by assets in the Middle East and Africa when completed in the first quarter of 2017.

NBAD on Wednesday did not elaborate on the details of the loan, but sources told Reuters last month that it would have a lifespan of three years and require participating lenders to each pledge $200 million in return for a fee of 30 basis points.

Reporting by Tom Arnold; editing by Jason Neely

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