UAE lender ADCB denies it is in talks to sell $3.7 bln of bad loans | Reuters
Abu Dhabi Commercial Bank PJSC (ADCB)(ADCB.AD) is not in talks with funds to sell 13.5 billion dirham ($3.68 billion) of bad loans, it said late on Thursday in response to a Bloomberg report citing unnamed sources.
"ADCB denies in the strongest terms that it is in ongoing deliberations with the company named in the report related to the sale of non-performing loans," the bank said in a stock exchange filing.
Bloomberg had reported that an entity called Lexolent was looking to put together a group of buyers to purchase ADCB’s non-performing loan book.
International investors focused on distressed debt have said they are eyeing opportunities in the Gulf region, where banks may need to make provisions for more non-performing loans as companies navigate global economic headwinds and post-pandemic recovery.
No comments:
Post a Comment