x Abu Dhabi, UAESaturday 22 July 2017

Emirates NBD repays Dh3bn UAE government in crisis support

Emirates NBD, Dubai's largest lender, repaid in April Dh3 billion of support from the United Arab Emirates government which it had received in the wake of the global financial crisis, it said on Thursday.

Emirates NBD, Dubai's largest lender, repaid in April Dh3 billion of support from the UAE government which it had received in the wake of the global financial crisis, it said on Thursday.

The UAE ministry of finance injected Dh70bn into the banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the world's financial system.

ENBD received Dh12.6bn in total and said in January it was looking to begin repaying the debt, which was converted into capital-boosting bonds in late 2009, since the value of the instruments had diminished and access to finance from the market had become cheaper.

A number of other UAE banks have also made repayments of the support so far in 2013, including National Bank of Abu Dhabi and First Gulf Bank.

 

* Reuters