Abu Dhabi ADCB Gains, Pares April Drop, on Shuaa Loan Decision - Bloomberg.com
Abu Dhabi Commercial Bank PJSC surged the most in more than three months, paring last month’s 18 percent drop, as Shuaa Capital PSC’s said it will settle a loan the investment bank guaranteed for Gulfinvest International KSC.
ADCB advanced 8 percent, the biggest gain since Jan. 28, to 1.89 dirhams, giving the United Arab Emirates’ third-largest bank by assets a market value of 9.1 billion dirhams ($2.5 billion).
Shuaa’s board ratified a 240 million-dirham loan from ADCB and will use it to settle obligations against its guarantee of a 200 million-dirham loan owed by Gulfinvest to ADCB. Kuwait-based Gulfinvest said April 4 it defaulted on the debt.
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