Business | Banking

ADCB manages to surmount global downturn

Board chairman of Abu Dhabi Commercial Bank (ADCB) Eisa Mohammad Al Suwaidi, said the bank was in a strong position and not affected by the current global financial downturn.

  • WAM
  • Published: 21:45 November 10, 2008
  • Gulf News

Abu Dhabi: Board chairman of Abu Dhabi Commercial Bank (ADCB) Eisa Mohammad Al Suwaidi, said the bank was in a strong position and not affected by the current global financial downturn.

He told Emirates news agency (WAM) in an interview that ADCB "registers profits in all its operations in the UAE in general and Abu Dhabi emirate in particular".

Al Suwaidi noted that the bank benefited from the amounts of money infused by the ministry of finance and the central bank into the banking sector to provide liquidity though.

"The UAE economy is prosperous and huge projects in the emirate of Abu Dhabi will boost operations of the ADCB in the next period. The Abu Dhabi economy is exceedingly growing and expanding. This will directly help the ADCB to score more profits," he said.

Al Suwaidi noted that the current global financial crisis led to vanishing of a number of banks, financial firms and companies.

Although it was exceptional circumstances, he said "this revives the issue of building confidence among the banks in better manner as projected by Libor [London interbank offered rate] indicator".

He added the global financial crisis caused some financial constraint to some local banks, indicating that the Central Bank and the Ministry of Finance took positive action upon the instructions of Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammad Bin Rashid Al Maktoum, to provide required liquidity to the banking sector.

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