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Dubai: National Bank of Fujairah borrowed Dh772m ($210m) from a group of 12 banks to refinance debt and enable it to lend more.
National Bank initially sought a three-year loan of $150 million, then increased it after banks led by Commerzbank AG agreed to lend more, it said in a statement.
National Bank, in which Fujairah emirate owns a 39 percent stake and Dubai owns 10 percent, on May 13 said first-quarter profit fell 31 percent to $15 million as its investment income declined.
The bank has a $130 million loan maturing in December that pays interest of 0.3 percentage point more than benchmark rates, and 100 million dirhams ($27 million) of bonds outstanding, data compiled by Bloomberg show.
Banks that contributed to the new loan include Arab Bank Plc, Bayerische Landesbank, Standard Chartered Plc and Wachovia Corp., according to the statement.
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