Abu Dhabi bank will use proceeds to rebuild its balance sheet
Abu Dhabi Commercial Bank’s (ADCB) profit will receive a AED1bn ($272m) boost as a result of the sale of the bank’s 25 per cent stake in Malaysian bank RHB Capital.
Proceeds from the sale to Abu Dhabi investment fund Aabar for $1.91bn will help boost the bank’s balance sheet.
“After considering all related costs … exchange rates, hedging, cost of funding etc … this transaction shall contribute approximately AED1bn to the bank’s overall profit,” said the company in a statement.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.