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Tue 24 Feb 2009 08:24 AM

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Bank giant's debt 'will be funded with ease'

Emirates NBD also says it is 'comfortable' with bank's level of real estate exposure.

Emirates NBD has $1.6 billion of medium-term debt maturing this year which can be funded with ease, its chief financial officer has announced, adding that the bank was "comfortable" with its level of exposure to real estate.

"The maturing debt is small and can be replaced easily with our current resources," Sanjay Uppal said in comments published by Emirates Business.

Uppal said the bank, the biggest in the Gulf Arab region by assets, paid off in January $500 million of the total debt maturing this year.

He reiterated that the bank was "comfortable" with its level of exposure to the local real estate sector.

He also said the bank was not planning to raise capital by selling any of its assets or going for restructuring its debt.

"The fundamentals of Emirates NBD's core business remains strong and we continue to enjoy very healthy customer deposit and wholesale borrowing to meet our funding requirements," he told the paper.

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