March 18, 2020 / 4:10 PM / 16 days ago

UAE's third-biggest bank to defer loan payments, waive interest

DUBAI, March 18 (Reuters) - The UAE’s third largest bank, Abu Dhabi Commercial Bank, said it will introduce a wide range of measures from April 2 to help over 1.2 million retail and thousands of small-and-medium business customers in the wake of the coronavirus outbreak.

The bank said customers, whether an individual or an owner of a business affected by the COVID19 virus outbreak, will have loan instalments deferred and interest will be waived for a period of up to six months, subject to an appropriate level of bank scrutiny. The measures will remain in place until the end of June.

The UAE central bank said on Saturday it plans to support banks and businesses in the country, where the outbreak is affecting major economic sectors such as tourism and transport, with a 100 billion dirham ($27 billion) economic plan.

Separately, the chief executive of Abu Dhabi state investor Mubadala, Khaldoon al- Mubarak, will also become chairman of Abu Dhabi Commercial Bank.

ADCB and peers Union National Bank and Al Hilal Bank merged last year to create the country’s third-biggest banking group.

UAE businessman Hussain al-Nowais was named as vice chairman by ADCB. (Reporting by Saeed Azhar;Editing by Elaine Hardcastle)

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