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FINANCIAL NEWS
ADCB repays government loan
03 Jun 2013
(MENAFN) Abu Dhabi Commercial Bank (ADCB) stated in a statement that it paid back USD713.3 million to the government as the last payment of a loan it took back in 2008, reported Arabian Business.
The bank added that original loan it had received from the government was around USD1.8 billion and was aimed at helping the bank face the global financial crisis in its beginnings.
ADCB, which raised USD300 million from subordinated bonds sales last month, had repaid USD1.09 billion of the loan in March of this year.
It is worth mentioning that the UAE Ministry of Finance pumped around USD19 billion into banks in 2008 to enable them to survive the global financial crisis.
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