Financial and Banking News


ADNATCO Borrows $110mn

The Abu Dhabi National Tanker Company (ADNATCO) last week signed a $110mn eight-year loan agreement with a 'club' of four banks providing $27.5mn each: Abu Dhabi Commercial Bank (ADCB), National Bank of Abu Dhabi (NBAD), Bank of Tokyo and Long Term Credit Bank of Japan. No terms for the loan were revealed, other than a four-year grace period. According to a statement by the company, which is a subsidiary of the...