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UAE's NBAD to repay remaining $817m government support

Published: Updated:

National Bank of Abu Dhabi has regulatory approval to repay the remaining Dh3 billion ($817 million) of support it received from UAE authorities in 2008, the bank said in a statement on Tuesday.

The largest bank by market value in the United Arab Emirates will repay the sum in equal instalments in the first and second quarters of this year, the statement said, adding that the bank had already repaid Dh2.6 billion in 2012.

Banks in the United Arab Emirates received financial support from the government in 2008 to shore up their balance sheets, and converted this into seven-year bonds in late 2009.

They are now expected to prioritise repaying the money as the value of the capital instruments has diminished and access to finance has become cheaper.