Sunday, May 26, 2013
DUBAI (Zawya Dow Jones)--Commercial Bank of Dubai has paid back 1.5 billion U.A.E. dirhams ($409 million) of crisis-era government deposits more than three years before their maturity, the lender said Sunday.
Many banks in the U.A.E. have recently repaid Ministry of Finance deposits injected in 2008 to shore up the banking system after the global financial crisis. Lenders are now taking advantage of lower interest rates on borrowings to replace the funds, which had been treated as Tier 2 capital.
CBD was able to repay the deposits before their maturity thanks to its consistent performance during the past five years and its "strong financial position," chief executive Peter Baltussen said in a statement.
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(END) Dow Jones Newswires
26-05-13 0736GMT
