Abu Dhabi, UAE: National Bank of Abu Dhabi (NBAD) is pleased to announce the successful close of syndication of its USD 2.0 billion Club Loan Facility with a large oversubscription. Commitments of nearly USD 3.0 billion were received in syndication from 14 major international banks across Europe, Asia and the United States. However, due to its excellent liquidity position, NBAD will not be increasing the Facility size and banks’ commitments have been scaled back.
Joining the Facility as Mandated Lead Arrangers are Bank of America Merrill Lynch, Mitsubishi UFJ Financial Group, Inc. (MUFG), Barclays Bank Plc, Citigroup, Credit Agricole Corporate and Investment Bank, DIFC, The Hong Kong and Shanghai Banking Corporation Limited, Mizuho Bank Ltd, Natixis (DIFC Branch), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Societe Generale, UniCredit Bank AG, Wells Fargo Bank, N.A., London Branch, while Bank of China Limited and Macau Branch/Bank of China (Hong Kong) Limited are Lead Managers.
Mitsubishi UFJ Financial Group, Inc. (MUFG) has been appointed as Facility Agent for the loan.
Stephen Jordan, Group Treasurer of NBAD, said: “NBAD is very pleased with the success of this transaction, which again serves to highlight the confidence in the creation of a larger, stronger bank through the merger of FGB and NBAD.”
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About NBAD
Incorporated in 1968 to serve as Banker to the Emirate of Abu Dhabi, NBAD is currently owned 69.96% by Government of Abu Dhabi, via the Abu Dhabi Investment Council (ADIC) and listed on the Abu Dhabi Securities Exchange (ADX) with a market capitalisation of US$ 13.0bn (as of 21st September 2016). As of 30th June 2016, NBAD had total assets of US$ 114.2bn, Total Equity of US$ 11.7bn, Tier 1 Ratio of 15.5% and a Capital Adequacy Ratio of 16.4%.
NBAD has one of the largest networks in the UAE, with 106 branches and cash offices and more than 531 ATMs across the country. NBAD’s growing international presence consists of 45 branches and offices in 17 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among UAE banks.
In July 2016, NBAD and First Gulf Bank (FGB) announced a merger which will create the largest bank in the Middle East and North Africa region, with AED 642 billion (US$ 175 billion) of assets and a combined market capitalisation of approximately AED 106.9 billion (US$ 29.1 billion). It will be the leading financial institution in the UAE, with a 26 percent share of outstanding loans. Both entities will continue to operate independently until the merger becomes effective, which is expected in the first quarter of 2017.
NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody’s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia), giving it one of the strongest combined rating of any Global financial institution. Since 2009, NBAD has been ranked consecutively as one of the World’s 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.
A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World’s Best Arab Bank.
For more information please visit our corporate webpage at: www.nbad.com as well as our SME page on www.nbad.com/insights
For further enquiries, please contact:
Michael Miller
Head of Investor, Media & Public Relations
Email: michael.miller@nbad.com
Tel: +971 2 611 2355
Mobile: +971 50 619 7116
© Press Release 2016
