Emirates NBD closes $110m facility

20 September 2011

Russian bank to use proceeds for general trade

UAE’s Emirates NBD, UK’s Standard Chartered Bank and the US’ Wells Fargo have closed and signed a $110m syndicated term loan facility for Russia’s Uralsib Bank.

The facility was initially launched at $100m, but was oversubscribed to close at $110m. It has a one-year tenor and carries a 2 per cent margin a year over the US dollar London inter bank offer rate (Libor). The facility agreement was signed on 8 September this year.

Uralsib Bank will be using the proceeds for general trade and finance purposes. The Russian bank has $13.7bn in assets and equity of $1.9bn.  

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