Sharjah headquartered United Arab Bank (UAB) has announced the successful closing of an US$120 million credit facility for client, Aegean Oil Terminal Corporation (Aegean). The credit facility marks the first syndicate lead for UAB, as it seeks to position itself as a lead arranger. Other syndicate members are Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai and National Bank of Oman (NBO).
Aegean Oil Terminal Corporation is headquartered in Piraeus, Greece and is a subsidiary of NYSE listed Aegean Marine Petroleum Network Inc. (NYSE: ANW) (AMPNI). The new facility will be used by Aegean to refinance an existing credit facility, with the balance to be used to pursue Aegean’s strategy of selling blended products to generate greater profitability.
United Arab Bank P.J.S.C. was established in 1975 as a joint venture between UAE investors and Societe Generale. As at 30 September 2015, the bank is operating with a network of 30 branches and offices spread across the UAE. UAB offers corporate and retail banking and is listed on the Abu Dhabi Securities Exchange (ADX) under the symbol “UAB”.
UAB was recognised as the ‘Fastest Growing Bank in the Middle East’ by the Banker Middle East Industry Awards 2014, while it picked up awards in 2015 for ‘Best Retail Bank in the UAE’, ‘Most Innovative SME Bank’, ‘Best Loyalty Program’, ‘Best Premium Credit Card’ and ‘Best Co-Branded Credit Card’.