NBAD set to complete MoF repayment

The National Bank of Abu Dhabi, or NBAD, has received approvals from regulatory authorities to repay the remaining Dh3 billion government-support amount to the UAE Ministry of Finance, or MoF.

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Published: Wed 27 Mar 2013, 10:43 PM

Last updated: Sat 4 Apr 2015, 9:45 AM

NBAD had received an amount of Dh5.6 billion as part of the UAE government’s support to the banking sector during the global financial crisis.

Beginning in the third quarter last year, NBAD repaid a total of Dh2.6 billion in 2012. NBAD shall complete its obligations by repaying the remaining Dh3 billion in equal installments in the first and second quarter of this year.

NBAD’s repayment of the entire support almost four years ahead of schedule.

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