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Overview

Bank of China (Hong Kong) Limited contributes to a $2 billion USD syndicated loan facility for the National Bank of Abu Dhabi for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$145,429,543
Commitment Year•2016Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesOverseas Jurisdiction•Hong Kong (China)Sector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 14, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Hong Kong) Limited (BOCHK)

Cofinancing agencies

Private Sector

  • Bank of America Securities Ltd
  • Barclays Bank PLC
  • Citigroup Inc.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Mitsubishi UFJ Financial Group
  • Mizuho Bank, Ltd.
  • Natixis
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • UniCredit Bank AG
  • Wells Fargo Bank N.A.

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned Banks

  • National Bank of Abu Dhabi PJSC (NBA)

Loan description

2016 syndicated $2 billion USD loan facility from BoC (Macau), BoC (Hong Kong) Limited, and others to the National Bank of Abu Dhabi for refinancing and general purposes in the UAE

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 14, 2016, a syndicate of 15 banks — including the Macau Branch of the Bank of China (BOC) and Bank of China (Hong Kong) Limited (BOCHK) — entered into an agreement to provide a $2 billion USD Club Loan Facility to the National Bank of Abu Dhabi. The agreement, aimed at refinancing existing bilateral debt and provide new funding, was also intended to help consolidate its banking relationships ahead of its planned merger with First Gulf Bank. Record ID#95072 captures BOC's contribution. Record ID#95253 captures BOCHK's contribution. In addition to BOC and BOCHK, the following lenders contributed to the loan syndicate: Bank of America Merrill Lynch (BAML), Mitsubishi UFJ Financial Group, Inc. (MUFG), Barclays Bank Plc, Citigroup, the DIFC Branch of Crédit Agricole Corporate and Investment Bank (CACIB), The Hong Kong and Shanghai Banking Corporation Limited (HSNV), Mizuho Bank Ltd, the DIFC Branch of Natixis, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), Société Générale S.A. (SocGen), UniCredit Bank AG, and the London Branch of Wells Fargo Bank, N.A. BAML, MUFG, Barclays, Citigroup, CACIB, HSBC, Mizuho, Natixis, Standard Chartered, SMBC, SocGen, UniCredit, and Wells Fargo served as Mandated Lead Arrangers. BOC and BOCHK served as Lead Managers. MUFG served as Facility Agent

Staff comments

1. The sources state that "Bank of China Limited and Macau Branch/Bank of China (Hong Kong) Limited" participated in this loan. It is unclear if it meant to say that BOC, BOC Macau Branch, and BOCHK participated, or if the Macau Branch of BOC and BOCHK participated, or if BOC and the Macau Branch of BOCHK participated in this loan. AidData has assumed that it mean that the Macau Branch of BOC and BOCHK participated, as this is the most conservative. 2. AidData treats BOC and BOCHK as distinct lenders; even though the sources state that there were 14 participating banks, AidData considers there to have been 15 distinct lenders. The individual contribution of the 15 lenders to this $2 billion USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOCHK by assuming that each lender contributed an equal amount ($133333333.333 USD) to the syndicated loan.