Abu Dhabi Commercial Bank, or ADCB, will start writing back the loan provisions amounting to Dh1 billion on Dubai World loans from the first quarter of this year, a top
official said.
“The bank entered into the negotiations with Dubai World on its troubled loans last year. Now, under an agreement with the borrower its Dh1 billion credits will be paid in eight years with yearly instalment of Dh120 million each,” said ADCB’s Chief Executive Officer Ala’a Eraiqat.
Talking to reporters after the 26th annual general meeting of the bank in the capital, Eraiqat said there is no proposal to launch a bond issue this year.
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