Bobuyan Bank takes US$500 million loan from Asian banks

DUBAI : Boubyan Bank has received a US$500 million three-year loan from a group of five Asian banks, the Kuwaiti lender said in a bourse filing.

The murabaha facility was taken at a profit rate of 90 basis points over USD LIBOR, Boubyan Bank said in the filing published on Sunday and dated Dec. 16.

Mizuho, MUFG and SMBC were lead coordinators, while Maybank Malaysia and Bank Islam Brunei Darussalam (BIBD), Malaysia and Brueni's largest lenders respectively, were lead arrangers.

"The murabaha finance will enhance the bank's financing requirements and liquidity ratios," Boubyan Bank said.