NBF spearheads USD 235 million loan facility with seven multinational banks
Partnership with prestigious names underscores resilience of local economy and market confidence in Bank’s financial strength
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."
About the National Bank of Fujairah
Incorporated in 1982, the National Bank of Fujairah (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 13 across the UAE