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National Bank of Fujairah repays Dh643m loan

Institution says it has obtained all regulatory approvals to return state support

Gulf News

Dubai: The National Bank of Fujairah on Monday said it repaid a Dh643 million ($175 million) subordinated loan to the Ministry of Finance, the latest domestic lender to return the state support it received during the financial crisis as part of a broader plan to shore up the banking sector.

NBF, a lender listed in Abu Dhabi which has Dubai and Fujairah shareholders, said it obtained all regulatory approvals to repay the loan that was originally set to mature in 2016.

Several other UAE banks, including National Bank of Abu Dhabi, First Gulf Bank and Abu Dhabi Commercial Bank in recent weeks have said they are repaying government support funds, taking advantage of improved sentiment and lower funding costs.