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Uae cooling firm tabreed raises 26 bln dirham loan sources


´╗┐DUBAI Jan 4 United Arab Emirates utility Tabreed has raised a 2.6 billion dirham ($707.9 million) seven-year loan facility from three banks, two banking sources familiar with the matter said on Sunday. National Central Cooling Co., Tabreed's formal name, has split the loan into two parts: 1.6 billion dirhams is a term loan which will be repaid at the end of the loan's life, with the rest structured as an amortising facility, which means repayments will be made during the seven years. The Dubai-listed firm will pay a margin of 1.4 percent on the amortising part of the loan and 1.9 percent on the remaining chunk, one of the sources said.

Tabreed, which has 67 district cooling plants across the Gulf, did not respond to Reuters requests for comment. The sources spoke on condition of anonymity as they are not authorised to speak to the media.

The loan was arranged by Abu Dhabi Commercial Bank , First Gulf Bank and Mashreq, the sources said, adding the funding was completed at the very end of 2014.

Abu Dhabi fund Mubadala holds a 13.4 percent stake in Tabreed, with a further 19.9 percent owned by its subsidiary General Investments FZE, according to bourse data. Tabreed's share price fell 1.8 percent on its first day of trading in 2015. It slumped by around 55 percent last year.

Uk payments firm to offer business bank account


´╗┐Oct 17 A UK payments firm is offering a business bank account, which will challenge traditional lenders for the custom of small and medium-sized UK firms. With many small businesses struggling for financing as Britain's dominant banks rein in lending to meet higher capital requirements, a string of new banks and alternative funding providers have sprung up. Unlike other newcomers, such as Aldermore and Metro Bank, CashFlows, which provides services including payment processing and electronic invoicing, will not offer loans as it does not have a banking license. Instead it aims to save businesses money by consolidating their business banking services into one account, helping them run their systems more efficiently, freeing up working capital.

"It simplifies the whole money flow process for businesses," Nick Ogden, Chief Executive of CashFlows, told Reuters, estimating it could save businesses as much as 40 percent of what they spend on fees and charges."By tying services together and making them simple for businesses you can save them money."

Research carried out by pollsters YouGov found British small businesses spend more than 2.3 billion pounds ($3.69 billion) a year on transaction charges and business banking fees, he said. Ogden, best known as the founder of payment-processing business WorldPay, which was taken over by Royal Bank of Scotland for about 40 million pounds in 2002, said the CashFlows account would be targeted at businesses with an annual turnover of up to 50 million pounds.

CashFlows, which launched the account on Wednesday, already has around 500 businesses ready to sign up and Ogden says more than 50,000 could be using it by the end of 2013. Although unable to offer the full range of banking services itself, CashFlows has partnered with Shawbrook Bank to provide lending facilities. Through Shawbrook, it will also offer a 95-day-notice deposit account. Ogden said the company was also looking at teaming up with other banks in the UK and Europe in a similar way.