Aug 16 2012
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National Bank of Abu Dhabi Repays AED1B of Ministry of Finance Debt
Thursday, Aug 16, 2012
DUBAI (Zawya Dow Jones)-- National Bank of Abu Dhabi , the second-largest bank in the United Arab Emirates by assets, on Thursday said it repaid 1 billion U.A.E. dirhams ($272 million) of Ministry of Finance subordinated notes.
Before the repayment, the bank had a total of AED5.6 billion of Ministry of Finance notes, according to a statement on the Abu Dhabi bourse website.
The notes originated as part of AED70 billion of deposits the Ministry of Finance made in the local banking system in 2008 as a response to the financial crisis. With the ministry's consent, NBAD converted its AED5.6 billion of deposits into notes with a 4.5% interest rate in 2010 and categorized them as Tier 2 capital.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, email@example.com; Twitter: @ZDJnews
(END) Dow Jones Newswires
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