NBF spearheads USD 235 million loan facility with seven multinational banks

The National Bank of Fujairah (NBF) has signed a USD 235 million club loan with a consortium of multinational banks. The two-year facility will go towards the Bank’s general business activities and shows its strong standing in the international financial markets. 

Initiated by NBF, the transaction was undertaken with a select group of geographically-diverse and established brand names. Emirates NBD, National Bank of Abu Dhabi and Wells Fargo, NA, were the Initial Mandated Lead Arrangers. Commerzbank AG was appointed as Facility Agent and Mandated Lead Arranger while HSBC, Standard Chartered Bank and Lloyds TSB Bank plc joined as Mandated Lead arrangers. 

Vince Cook, NBF Chief Executive, said that strong interest in the syndication enabled the Bank to raise funds from fewer partners than originally envisaged; the ticket size relative to recent deals both led by NBF and in the capital markets also underscored the strength of the local economy and the Bank’s standing in the financial community. 

“This transaction is the clearest indication to date of the trust that we inspire in our counterparties, and reinforces NBF’s track record as a leading business bank and partner-of-choice for those wishing to explore opportunities in the region. 

“We are honoured by the faith placed in us by such an illustrious group of institutions, and look forward to strengthening our ties with them in future collaborations. At the same time, we are also looking forward to using the facility in support of our customers’ aspirations in the UAE. “ 

 Rick Pudner, CEO Emirates NBD said: “This very successful transaction for National Bank of Fujairah underpins the solid reputation and strong relationships which it enjoys. Emirates NBD shares close ties with the National Bank of Fujairah and we are confident that with our strong Debt Capital Market credentials and capabilities, we will continue to work closely together and add value to the National Bank of Fujairah’s future Debt Capital Market initiatives.”