Abu Dhabi’s First Gulf Bank has launched an $800m loan syndication and appointed eight banks to lead the deal.

The bank is looking to raise a three-year facility priced at 130 basis points above the dollar benchmark rate. Proceeds from the loan will be finance the bank’s growth and diversify its funding sources.

The last time that First Gulf Bank borrowed in the loan markets was in 2007, when it signed a $825m deal priced at just 27.5 basis points above the London interbank offered rate (Libor). That deal is due to be repaid in November.

Japan’s Bank of Tokyo Mitsubishi and Mizuho, the UK’s Standard Chartered and HSBC, the US’ Citigroup, Germany’s Commerzbank and Deutsche Bank, and National Bank of Abu Dhabi have been appointed to arrange the loan.