Wednesday 27 January 2021

CBD repays $408m UAE govt support

Dubai, May 27, 2013

Commercial Bank of Dubai (CBD) said it has repaid Dh1.5 billion ($408.41 million) of support from the UAE government which it had received in the wake of the global financial crisis.

The UAE ministry of finance had injected Dh70 billion into the banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the world's financial system.

The deposits were originally scheduled to mature in December 2016, CBD said in a statement.

CBD raised $500 million from a debut bond earlier in May.-Reuters

Tags: Commercial Bank of Dubai |

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