ADCB Exposure to NMC, Finablr Totals $1.16 Billion
(Bloomberg) -- Abu Dhabi Commercial Bank PJSC said its combined exposure to troubled NMC Health Plc and Finablr Plc totaled $1.16 billion.
The lender’s exposure to payments firm Finablr, including UAE Exchange, was $182 million, according to a statement. The credit was extended by Abu Dhabi Commercial Bank, Al Hilal Bank and Union National Bank prior to their merger in May.
The bank said last week that it had about $981 million of exposure to London-listed NMC. The combined liabilities of NMC and Finablr to ADCB Group represent about 1% of the bank’s total assets.
London-listed Finablr is linked to NMC through its founder and cross-ownership. Both NMC and Finablr shares are suspended from trading in London.
- Abu Dhabi Commercial Bank Exposure to NMC Health at $981 Million
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Other banks in U.A.E. reporting exposures:
- Dubai’s Emirates NBD Exposure to NMC Health at $203 Million
- Abu Dhabi Islamic Bank Exposure to NMC at $291.4 Million
- Dubai Islamic Bank, Noor Bank Exposure to NMC at $541 Million
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