Emirates NBD repays $817m of govt support
Dubai, April 25, 2013
Emirates NBD, Dubai's largest lender, repaid in April Dh3 billion ($816.8 million) of support from the UAE government which it had received in the wake of the global financial crisis, it said on Thursday.
The UAE ministry of finance injected 70 billion dirhams 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.
ENBD had received Dh12.6 billion in total and said in January it was looking to begin repaying the debt, which was converted into capital-boosting bonds in late 2009, since the value of the instruments had diminished and access to finance from the market had become cheaper.
A number of other UAE banks have also made repayments of the support so far in 2013, including National Bank of Abu Dhabi and First Gulf Bank.-Reuters
