* Signs $900 mln 3-yr loan with 14 lenders - statement
* Upsized from $800 mln due to demand
* Cash to fund bank's expansion - CEO
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DUBAI, Nov 13 First Gulf Bank, the
second-largest lender by market value in the United Arab
Emirates, has signed a three-year $900 million loan with a group
of international lenders, the bank said in a statement on
The senior unsecured facility, priced at 130 basis points
over the London interbank offered rate (Libor), was increased
from the original $800 million amount because of demand from
banks wanting to join the deal, FGB said.
"In our continuous efforts to strengthen the balance sheet
and deliver a superior financial performance, FGB aims to
utilise the facility to finance the expansion of the existing
operations as well as new business opportunities globally,"
Andre Sayegh, CEO of FGB, said.
Six lenders - Bank of America Merrill Lynch, Bank of
China, Samba Financial Group, Union
National Bank, Al Khalij Commercial Bank and
Arab Bank - joined the eight bookrunners on the deal.
FGB originally mandated Bank of Tokyo-Mitsubishi UFJ
, Citi, Commerzbank, Deutsche Bank
, HSBC, Mizuho, National Bank of Abu
Dhabi and Standard Chartered in September to
arrange the loan.
The bank, majority-owned by Abu Dhabi's ruling family,
raised $650 million from the bond market at the beginning of
Last month, FGB reported a 15 percent jump in third-quarter
net profit, following on from a 14 percent net profit rise in
the three months to June 30.
(Reporting by David French; Editing by Amran Abocar and Louise