UAE’s ADCB sells NPL portfolio worth $1.1bln to investment funds

UAE’s Abu Dhabi Commercial Bank PJSC  (ADCB) has sold a portfolio of non-performing loans (NPL) worth 4.2 billion dirhams ($1.1 billion) to investment funds advised by Davidson Kempner Capital Management LP. The transaction represents the first sale of a significant portfolio of NPLs by ADCB and is thought to be the largest such transaction effected […]

Mashreq’s 2022 net profit climbs to $1bln as customer deposits rise

  Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year. The bank reported a 12.1 per cent increase in customer deposits to Dh 113.8 billion as its liquid assets ratio stood at 33.2 per cent […]

UAE Central Bank issues new guidelines to combat money laundering

The UAE Central Bank has issued new guidelines for licenced financial institutions, including banks, finance companies, exchange houses and insurance companies, agents and brokers, to combat money laundering and the financing of terrorism. The new guidelines focus on the use of digital identification systems by licensed financial institutions, or LFIs, to address customer due diligence obligations. […]

First Abu Dhabi Bank raises $500m through Islamic bond

First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised $500 million through a sukuk or Islamic bond, marking the first global sukuk issuance in 2023. The five-year sukuk was priced at 90 basis points over the US treasury rate which is the equivalent of a profit rate of 4.58 per cent and is listed […]

First Abu Dhabi explored offer for Standard Chartered

First Abu Dhabi Bank, the UAE’s largest lender, said it had considered making an offer for the emerging markets-focused Standard Chartered listed in London. “First Abu Dhabi Bank confirms that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but as of the date of this announcement, […]

UAE’s ADIB buys additional stake of 2.4% in Egyptian unit

UAE-based Abu Dhabi Islamic Bank has purchased an additional stake of 2.4% in Abu Dhabi Islamic Bank Egypt (ADIB) for EGP 155.328 million, equivalent to an average price of EGP 16.18 per share, according to a shareholding disclosure issued on January 2nd. Accordingly, the Emirati bank’s ownership in ADIB Egypt increased to 52.607% from 50.207%. ADIB Egypt […]

Dubai lender Emirates NBD to issue 3-yr dirham-denominated bond

      Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed. The senior, unsecured bond, under the bank’s $20 billion medium term notes programme, will be issued subject to market conditions following a series of investor calls scheduled to begin […]

Bank of China lists $300mln bonds on Nasdaq Dubai

   Bank of China, one of China’s top four state-owned banks, has listed $300 million bonds on Nasdaq Dubai, the United Arab Emirates’ state news agency WAM said on Tuesday. The bank issued the bonds, maturing in 2025, through its Dubai branch at a yield of 4.84%. The bonds, which have a coupon of 4.75%, […]

Dubai’s Emirates NBD announces leadership shake-up

Dubai’s top lender Emirates NBD has announced a shake-up of its senior management, as it positions itself to grow opportunities in wealth, mergers and acquisitions, and venture capital. Marwan Hadi, who is head of retail banking, takes over as group head of retail banking and wealth management from Suvo Sarkar, who will retire after a […]

UAE Central Bank issues new banknote for National Day

The Central Bank of the UAE (CBUAE) has launched a new banknote of Dh1,000 denomination to mark the 51st UAE National Day. The note is made of polymer and uses new designs and advanced security features. The front depicts former president and founder of the UAE, Sheikh Zayed bin Sultan Al Nahyan. The image is […]