Standard Chartered Bank, as sole arranger, has led 11 other participating banks in completing a three-year term loan facility of US$30mn for Emirates Trading Agency.
The US$1.4bn ETA-Ascon Group is a large diversified conglomerate in the UAE with expertise ranging from civil construction, electro mechanical, elevator engineering, trading in bulk commodities and shipping.
“With over 150 years of experience in global finance and corporate lending, Standard Chartered Bank has both the network and the knowledge to bring innovative tailored solutions for our customers. We are deeply committed to ensuring our clients benefit from our global strength and regional expertise,” said Jonathan Morris, head of client relationships at Standard Chartered, UAE and Oman.
The syndication drew widespread interest from the market, with participation from banks all across the region. Winning the mandate as sole arranger underlines Standard Chartered’s growing presence in the loan syndications market, the bank believes. “Emirates Trading Agency has a significant presence in diverse sectors such as contracting, manufacturing, property development, construction and bulk trade,” Morris adds.