Shuaa expects further writedowns at ADCB

DUBAI - Shuaa Capital said Abu Dhabi Commercial Bank’s exposure to the US credit turmoil remains uncertain and it expects UAE’s third-largest lender by market value to have further writedowns in 2008, although lower in magnitude.



By (Reuters)

Published: Fri 21 Mar 2008, 10:08 AM

Last updated: Sun 5 Apr 2015, 1:20 PM

Shuaa said the scale of exposure will not have a long lasting impact on the bank’s balance sheet and core banking operations, and should not extend beyond a temporary dampening of profitability.

Shuaa said Abu Dhabi Commercial Bank’s purchase of a 25 percent stake in RHB Capital, Malaysia’s fourth-largest lender, for about 4.5 billion dirhams should provide revenue growth catalysts.


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