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ADCB repays govt emergency funds

Abu Dhabi, June 2, 2013

Abu Dhabi Commercial Bank (ADCB) has repaid the remaining Dh2.6 billion ($713.3 million) of a Dh6.6 billion 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 country's third-largest lender by market value, had repaid Dh4 billion of the loan in March 2013.

The UAE ministry of finance had injected Dh70 billion ($19 billion) into the banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the global financial system.

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 market.

ADCB raised $300 million from the sale of subordinated bonds in May.-ReutersADCB repays govt emergency funds

Abu Dhabi Commercial Bank (ADCB) has repaid the remaining Dh2.6 billion ($713.3 million) of a Dh6.6 billion 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 country's third-largest lender by market value, had repaid Dh4 billion of the loan in March 2013.

The UAE ministry of finance had injected Dh70 billion ($19 billion) into the banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the global financial system.

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 market.

ADCB raised $300 million from the sale of subordinated bonds in May.-Reuters




Tags: abu dhabi | ADCB | funds |

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