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