Abu Dhabi –  Abu Dhabi Commercial Bank (ADCB) has acquired a 51.5% stake in the capital of Alexandria Medical Services - Alexandria New Medical Center for AED 64 million (EGP 275 million), Al Arabiya reported.

This transaction comes as a settlement for the bank's dues with BR Shetty, the founder of NMC Health.

The Prime Securities Brokerage has executed the deal, while Zulficar & Partners Law Firm was its legal advisor.

Noteworthy to mention, in April 2020, ADCB confirmed that the liabilities of NMC Health Group to the bank have amounted to $981 million as at 31 March 2020, representing less than 1% of the bank's total assets.

Source: Mubasher

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