Emirates NBD has joined the pool of lenders participating in CBM's syndicated loan
On 21 May 2020, Emirates NBD Bank (P.J.S.C) signed an accession agreement to join the syndicate of banks providing a USD 350 mln loan facility to CBM. Thus, CBM has expanded further the deal's geography, which initially covered Europe, the USA and Saudi Arabia.
The accession of the Dubai state-owned bank and one of the largest Middle Eastern banking groups sets another milestone in, and validates the prospects of, developing mutually beneficial business with financial institutions from that region.
"Being a systemically important bank in Russia, CBM is also a notable player in the global financial markets. Looking at Middle East as one of the most important regions for further business development, CBM seeks to build stronger relationships with local financial institutions, – noted Vladimir Chubar, Chairman of the Management Board. – Our cooperation with Emirates NBD has expanded further our global pool of lenders. The current borrowing has, despite the high volatility in the global financial markets, demonstrated a high level of recognition and trust we enjoy among the international banking community".
On 16 April 2020, CBM signed an up to USD 350 mln 1-year syndicated loan agreement with largest lenders from Europe, the USA and Middle East. The proceeds are intended for financing trade-related operations of the Bank’s customers.