WAM Abu Dhabi, 4th Feb. 2009 (WAM) -- Following a comprehensive review of the growth strategy of the Abu Dhabi banking sector, and in view of the economic ambitions of the Emirate of Abu Dhabi, the Government of Abu Dhabi, at its initiative, has decided to implement an action plan under which it will inject additional capital into the following Abu Dhabi financial institutions: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.
Given current global economic conditions, the Government believes that this strategic initiative is an appropriate and proactive response to ensure that the strong confidence in Abu Dhabi's financial institutions is further enhanced.
His Excellency Hamad Al Hurr Al Suwaidi, Member of Executive Council and Undersecretary of the Abu Dhabi Department of Finance, added: "The Government views this capital injection into the banking system as an important step to allow Abu Dhabi financial institutions to remain strong and well-capitalised compared to international peers, and fulfil their role in achieving the Government's vision for the Abu Dhabi economy.
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