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Abu Dhabi Commercial Bank (ADCB), the UAE's third biggest lender is in talks for a potential sale of its property management division.
The lender said in a regulatory statement on the Abu Dhabi Securities Exchange on Tuesday that it is evaluating the opportunity to divest Abu Dhabi Commercial Properties (ADCP).
"This process may or may not result in a transaction," it said.
ADCP manages a portfolio of more than 2,000 buildings, both residential and commercial across UAE.
ADCB took a $292 million hit in impairments on debt exposure to troubled companies NMC Health and Finablr PLC that ran into financial difficulties in 2020. Bloomberg recently reported that the lender is looking at ways to "declutter" its balance sheet by selling debt of $1.1 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
