Bank of Sharjah clarifies syndicated loan mandate
Bank of Sharjah says it has appointed a group of banks to arrange a new two-year loan deal for a minimum of $100 million for its general corporate purposes. The bank went on to say that this is not a restructuring to the existing one-year club deal that was arranged last year. This club deal is due on July 29, 2011 and will be paid at maturity. The bank enjoys high liquidity and the purpose of the deal is to source US dollars to manage the bank’s assets and liabilities and currency mismatches.