Bank of Sharjah raises Dh550m loan

Subscription for one-year club term-loan facility exceeds 50 per cent from target

Bank of Sharjah has raised $150 million (Dh550.5m) through a club term-loan facility which exceeded by 50 per cent from target.

This one-year loan effectively replaces a $200 million term loan, which closed oversubscribed in June 2007, and was repaid during June 2010.

Mandated Lead Arrangers for the facility include Commerzbank Aktiengesellschaft, Intesa Sanpaolo, National Bank of Abu Dhabi, UniCredit Group and Wells Fargo Bank.

The facility carries a margin of 1.50 per cent per annum, and has a maturity of one year. The proceeds of
the facility will be used by Bank of Sharjah for its general corporate purposes.

The bank’s net profit in the first half of 2010 reached Dh276 million, registering a seven per cent increase over the corresponding 2009 period figure of Dh258 million.

As of June 30th, 2010 total assets reached Dh18.787 billion an increase of nine per cent over the corresponding June 30th, 2009 figure of Dh17.199 million.



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