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Emirates NBD raises $2bn loan

Emirates NBD raises $2bn loan
Emirates NBD raises $2bn loan
Emirates NBD
EMIRATESNBD
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Dubai – Mubasher: Emirates NBD has raised a three-year loan worth $2 billion.

The loan was raised last month through 18 banks, a bank representative told Reuters.

They added that Emirates NBD was going to use the proceeds to refinance an existing loan worth $1.7 billion.

“As a result of strong interest in the facility, Emirates NBD [was] able to upsize the facility to $2 billion whilst still applying significant scale-back and achieving a competitive funding cost,” the representative told the news agency.

The remainder of the raised loan will be used for general corporate purposes, the Dubai-based lender’s unnamed representative noted.

In July, sources had told Reuters that the Dubai-listed bank was in talks to rollover a $1.7-billion loan, which was signed in 2016 and due in 2019.

Emirates NBD last posted a 29% year-on-year rise in net profits to AED 5.018 billion in the first six months of 2018 from AED 3.894 billion, while its total income increased 13% to AED 8.451 billion versus AED 7.453 billion in H1-17.