NDB secures US$75 m loan from Commerzbank Germany
View(s):National Development Bank PLC recently successfully negotiated a loan up to US$75 million, from Commerzbank Aktikengsellschaft Germany.
Dubai-based Alpen Capital [ME] Ltd was the lead arranger to this loan facility. The proceeds of this loan are to be mobilized in NDB’s general banking business, without restrictions on any specific sector.
The signing of the agreement between NDB and Commerzbank took place on July 12, at the Dubai International Financial Centre (DIFC), with representation from the two entities, as well as Alpen Capital [ME] Ltd who was the arranger, the bank said in a media release.
Commenting on the signing of the Agreement with Commerzbank, Group CEO of NDB, Dimantha Seneviratne stated that NDB is privileged to be a stakeholder of this facility, proceeds of which are expected to strengthen the balance sheet, and be disbursed at competitive rates to our customers.
“Raising these funds at competitive rates, at an acceptable tenor with no restriction on specific sectors for disbursement, and also the appetite by Gulf based financial institutions, shows the confidence the international financial community has placed on NDB. This agreement also resulted in an influx of foreign currency into the country for value added deployment,” the release said.
The bank is presently driven on an ambitious mid-term growth strategy, and proceeds of this nature are expected to provide much impetus in expanding the bank’s balance sheet and steering towards its goals.