Abu Dhabi's First Gulf Bank Said Raising $1 Billion Loan
- Lender seeking funds as bank liqudity in U.A.E. tightens
- Syndicated loan will be first raised by FGB since 2012
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First Gulf Bank PJSC, the United Arab Emirates’ third-biggest bank by assets, is seeking to raise about $1 billion from a syndicated loan to boost lending as liquidity in the economy tightens, two bankers familiar with the deal said.
The Abu Dhabi-based lender is paying less than 1 percentage point over the London interbank offered rate for the three-year facility, said the people, asking not to be identified because the information is not yet public. About 10 banks are expected to sign up for the loan, which is currently in the documentation stage, they said. The size may be raised on demand, one of the people said.