Kuwaiti Burgan Bank announced that the bank’s Corporate Banking Group has successfully completed a finance deal with United Arab Shipping Company (UASC), the largest shipping company in the Middle East.
The $150m loan will be used for financing the capacity expansion undertaken by UASC through the acquisition of nine A13 class container ships, one of the largest of their kind in the shipping industry at present.
Majed Essa AL Ajeel, Burgan Bank Chairman said during the signing ceremony on the 15th of April: “Burgan Bank’s Corporate Banking Group has proved over the years to be a reliable partner for growth by industry leaders such as UASC. The group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans. Our support reiterates our commitment to develop and provide the best financial solutions to our clients and their businesses.”
UASC is owned by six Gulf countries, namely Kuwait, Qatar, Saudi Arabia, Bahrain, United Arab Emirates and Iraq.