National Bank of Abu Dhabi is in discussions with the United Arab Emirates' central bank over proposed lending caps on local government entities and was "confident" a solution would be found, its chief executive said on Monday.
"We are in active conversations with the central bank. We are confident that, by the end of these, we will have a solution that allows the bank to manage its balance sheet," Michael Tomalin said on a conference call on Monday to discuss earnings results, which were released last week.
In the first such change in nearly two decades, the central bank said at the start of April it was imposing new limits of 100 percent of the capital base for all lending by a bank to governments of the seven-member UAE federation and their quasi-sovereign entities, and 25 percent to individual borrowers.
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