off-the-wire

Abu Dhabi Commercial Bank in talks to sell $3.7 bln of bad loans -Bloomberg

Kitco Media
By Reuters
Published:
Updated:
Reuters

April 6 (Reuters) - Abu Dhabi Commercial Bank PJSC (ADCB)(ADCB.AD) is in talks with funds to sell 13.5 billion dirham ($3.68 billion) of bad loans, Bloomberg News reported on Thursday, citing people familiar with the matter.

The bank, which is one of the UAE's biggest lenders, is selling a retail portfolio that includes car loans, private and credit card debt, the report added.

An entity called Lexolent is looking to put together a group of buyers to purchase ADCB’s non-performing loan book, the report said.

ADCB did not immediately respond to a request for comment when contacted by Reuters.

($1 = 3.6724 UAE dirham)

Reporting by Shubhendu Deshmukh in Bengaluru Editing by David Goodman
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