ABU DHABI: A loan of up to $800 million (Dh2.9 billion) to help Abu Dhabi-based entrepreneur B.R. Shetty acquire a majority stake in foreign exchange operator Travelex has been completed, two sources aware of the matter said on Monday.
The facility, arranged by Goldman Sachs and Qatar National Bank, will last for 18 months, according to one of the sources. The second source said the cash would be borrowed through an entity owned by Shetty called BRS Ventures and Holdings Ltd. Shetty declined to comment when reached by Reuters. Both sources spoke on condition of anonymity as the information isn’t public.
Three other banks — Doha Bank, National Bank of Fujairah and Commercial Bank International — joined the loan, the first source said.
