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UAE bank NBAD aims to double size of debt programme to $15 bln
February 7, 2017 / 4:45 AM / in 10 months

UAE bank NBAD aims to double size of debt programme to $15 bln

DUBAI, Feb 7 (Reuters) - National Bank of Abu Dhabi (NBAD) said on Tuesday it will seek shareholder approval to double the size of its euro medium term note programme to $15 billion from the existing level of $7.5 billion.

Shareholders will discuss the hike at the bank’s general assembly on Feb. 28, it said.

The statement did not detail the reason for the increase or how the programme would fit into NBAD’s planned merger with First Gulf Bank. The two banks are due to combine as a single entity from April 1. (Reporting By Tom Arnold; Editing by Muralikumar Anantharaman)

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