Abu Dhabi-based First Gulf Bank (FGB) has nearly Dh6.1 billion ($1.66 billion) of debt maturities this year, said Fitch Ratings on Tuesday.
“Around Dh6.1bn of FGB's medium-term funding matures in 2012 but Fitch believes that the bank has the capability to repay this without putting undue pressure on liquidity, either from its current resources or new debt issuance,” the global ratings agency said in a statement.
FGB's funding remains reliant on relatively concentrated, but stable, customer deposits (mainly corporate and government-related), but the bank also has diversified medium-term funding. The bank successfully raised $1.15bn (Dh4.2bn) through two sukuk issues in August 2011 and January 2012.
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