Abu Dhabi’s Union National Bank said it might issue a benchmark dollar sale in the first half of the year to prop up its balance sheet after a sharp rise in provisions hit fourth-quarter profit.
U.A.E. lenders have suffered in the last two years as a regional property boom ended and they were forced to book hefty provisions against bad debt and bolster capital levels.
UNB chief executive Mohammad Nasr Abdeen did not specify an amount for the bond sale but benchmark bond issues are typically around $500 million.
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