Bank of Sharjah Mandates Group for Loan

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Bank of Sharjah, which was the first Middle Eastern financial institution to borrow from the loan market following the global financial crisis, has mandated banks for a two year money deal.

It is refinancing the $150m one year loan it signed last August.

In the Middle East, club deals continue to dominate and bankers do not expect that dynamic to change. Rolling over debt and inviting a handful of new lenders into a deal with the promise of ancillary business seems to be the only way loan deals get done. Bank of Sharjah, which was the first to test and succeed with this template in 2010, has mandated banks for its refinancing deal.

Bank of Sharjah was the first commercial bank to be established in the Emirate of Sharjah and currently ranks number 14 (in terms of assets) in the UAE. It is primarily a niche corporate bank, operating four UAE branches and a subsidiary inLebanon.

The Bank maintains an investment grade rating of BBB+ from Fitch.

Sources: asiamoney, bankofsharjah, euroweek

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