NBAD postpones bond plan; cancels buyback
Abu Dhabi, February 17, 2010
National Bank of Abu Dhabi has postponed plans to issue new convertible bonds in dollars and dirhams until market conditions improve, its chief executive said on Wednesday.
"We are not likely to do it soon ... when markets are more favourable maybe," Michael Tomalin told Reuters. The bank's board met on Feb 16 to discuss the proposal.
In a filing on the bourse website, Abu Dhabi's biggest lender by market value said the bank had cancelled plans to buyback up to 10 percent of its shares following its board meeting.
The bank had said in July last year it planned to buy back up to 10 percent of its shares. -Reuters