Abu Dhabi Commercial Bank, the UAE's third-biggest bank by assets, aims to diversify lending after being hurt by Dubai World's $24.9 billion (Dh91.4 billion) debt-restructuring, its CEO said.
The lesson "for all banks is sticking to certain diversified thresholds no matter how great the borrower is," Ala'a Eraiqat said in an interview in London yesterday. "We learned from the lack of diversification or large concentration."
State-controlled Abu Dhabi Commercial Bank is one of the biggest lenders to holding company Dubai World, which announced plans to restructure its debt. "We were hit harder than everybody else," Eraiqat said.
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