ADCB completes update for Global Medium Term Programme.

Byline: Staff Report

Dubai: Abu Dhabi Commercial Bank (ADCB) on Tuesday said it has completed the update of its Global Medium Term Programme (GMTN).

ADCB is currently holding investor meetings to communicate information directly and transparently with capital market specialists and investors regarding ADCB's franchise, portfolio and financial results.

These meetings are being conducted in Hong Kong, Singapore, London and Abu Dhabi, among other international financial centres.

Ala'a Eraiqat, CEO of ADCB, said that while the bank had actively issued debt in the past under its European Medium Term Note Programme (EMTN), the preparation and completion of the disclosure and due diligence processes required to update the GMTN to meet the rigorous international transparency and disclosure standards has been an arduous and rewarding task for the senior management at ADCB.

"The management team at ADCB worked closely with teams of professional advisers through many months in order to complete the GMTN update," he said. He added that the update required extracting substantial amounts of information from the bank's management information systems to meet the disclosure and due diligence requirements.

ADCB has regularly issued debt securities in the past, completing a number of public and private transactions in recent years. Among such issuances are its placement of Dh1.3 billion of Regulation S floating rate notes in May 2009 and its issuance of Dh365.4 million of Regulation S two-year fixed rate notes in June 2008.

The bank said, it believed that this GMTN update will allow it to offer a range of debt securities throughout global debt capital markets.

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