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ADCB to stay away from world markets
February 3, 2010
Abu Dhabi Commercial Bank (ADCB), one of the largest Gulf banks, said yesterday it would avoid investment in global markets after reporting losses in 2009 because of massive bad-debt provisioning.
Alaa Eraiqat, CEO of ADCB, described 2009 as a year of provisioning for the government-controlled bank, but sounded cautiously optimistic about 2010. In an interview with Emirates Business, he said the bulk of provisions allocated by the bank were against its international exposure, adding that such a move was part of ADCB's conservative strategy.
Eraiqat said ADCB was now in a strong position after the provision build-up, adding that its capital adequacy was as high as 17.5 per cent. While voicing optimism about 2010, he said the year would not be free of challenges and the bank should be prepared for the worst.
Original Posting At: Business247
Alaa Eraiqat, CEO of ADCB, described 2009 as a year of provisioning for the government-controlled bank, but sounded cautiously optimistic about 2010. In an interview with Emirates Business, he said the bulk of provisions allocated by the bank were against its international exposure, adding that such a move was part of ADCB's conservative strategy.
Eraiqat said ADCB was now in a strong position after the provision build-up, adding that its capital adequacy was as high as 17.5 per cent. While voicing optimism about 2010, he said the year would not be free of challenges and the bank should be prepared for the worst.
Original Posting At: Business247
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