Abu Dhabi Commercial Bank repays remaining $713m loan it received during global crisis
Abu Dhabi Commercial Bank (ADCB) has repaid the remaining AED2.6bn
($713.3m) of a AED6.6bn loan facility it received from the
government in the wake of the global financial crisis, the bank said in a
statement on Sunday.
ADCB, the UAE's third-largest lender by market value, had
repaid AED4bn of the loan in March 2013.
The UAE ministry of finance injected AED70bn ($19bn) into the banks to shore up balance sheets after the collapse of Lehman
Brothers in September 2008 triggered a crisis in the global financial
Banks were expected to prioritise repaying this support, converted into
capital-boosting bonds in late 2009, this year as the value of the capital
instruments was diminishing and banks could raise cheaper finance in the
ADCB raised $300m from the sale of subordinated bonds in May.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.