Bank of Sharjah Raises $150 Million From Club Loan for Corporate Purposes

Bank of Sharjah, a lender in the United Arab Emirates, raised $150 million from a term-loan from a group of banks that replaces an older facility.

The one-year loan was raised from an initial target of $100 million due to investor demand and pays interest of 1.5 percent over benchmark rates, Bank of Sharjah said in an e-mailed statement today. Commerzbank Aktiengesellschaft, Intesa Sanpaolo SpA, National Bank of Abu Dhabi PJSC, UniCredit Group and Wells Fargo Bank NA helped arrange the loan, it said.

The loan replaces an older $200 million loan Bank of Sharjah raised in June 2007, which was repaid in June 2010, and will be used for general corporate purposes, the bank said.

Bank of Sharjah shares closed unchanged at 1.75 dirhams on the Abu Dhabi Exchange today.

To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

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