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Mon 7 Jan 2019 04:25 PM

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UAE's largest bank said to refund $47 'fee' to customers

First Abu Dhabi Bank admits to 'system issue' where a debit interest amount of AED175 is deducted from accounts

UAE's largest bank said to refund $47 'fee' to customers
FAB, which was created in 2017 from the merger of Abu Dhabi’s top banks, announced in October a group net profit of AED9.1 billion for the first nine months of 2018.

First Abu Dhabi Bank (FAB), the UAE's largest bank, has said it is working to repay customers wrongly charged AED175 ($47.70) on their accounts.

According to Reuters, the bank’s customers had complained on social media after they were charged the fee over the past few days but given little explanation.

“We are currently experiencing a system issue where a debit interest amount of 175 [dirhams] has been deducted from your account. The concerned team is currently working on the matter to resolve as soon as possible and reverse the charge,” the bank said on Facebook.

The bank did not immediately respond to a request to comment, Reuters said.

FAB, which was created in 2017 from the merger of Abu Dhabi’s top banks, announced in October a group net profit of AED9.1 billion ($2.48 billion) for the first nine months of 2018, up 12 percent year-on-year.

The bank said in a statement that its third quarter earnings totalled AED3 billion, up 16 percent on Q3 2017.

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