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.

More news from Business
In-store shopping regains trust


In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business2 days ago