Two Abu Dhabi-based banks have secured a total of Dh6.7 billion ($1.8 billion) in fresh capital from the emirate's government, the banks said yesterday, following similar moves by rivals as the downturn bites.
First Gulf Bank (FGB) received Dh4.5bn from the Abu Dhabi finance ministry and said it would convert it into Tier 2 capital, the second most reliable form of capital from a regulator's point of view.
Abu Dhabi Islamic Bank (Adib) got a Dh2.2bn injection in emergency government deposits and converted it into regulatory capital, following similar moves by rivals in the credit crisis.
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