#ADCB

ADCB expands mortgage business, acquires portfolio from Abu Dhabi Finance

Customers are expected to transfer to the ADCB banking platform during the first half of 2021

Abu Dhabi’s ADCB sees creditors approval for NMC restructuring in first half

The bank recorded $450m in provisions and interest in suspense toward NMC, Finablr and associated companies last year

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

NMC administrators start selling its assets to pay the UAE hospital operator’s creditors

The moves mark the official beginning of the dismantling of NMC, which once had a market value of up to $11bn

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

NMC controversy: Founder BR Shetty issues first public statement, denies wrongdoing

Shetty claimed he was also a victim of fraud and put the blame on a “small group of current and former executives”