National Bank of Abu Dhabi , the largest lender by market value in the United Arab Emirates, has repaid 1 billion dirhams ($272.3 million) of subordinated notes to the country's Ministry of Finance, it said on Thursday.
The sum was part of 5.6 billion dirhams provided by the government in January 2010 as part of a wider move to support the UAE banking system in the aftermath of Dubai World's 2009 $25 billion debt restructuring standstill request.
Under the plan, the UAE authorities provided additional Tier 2 capital, in the form of subordinated notes, to every bank in the country to strengthen their capital bases and head off any solvency concerns after the Dubai World news.
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