ADIB expects regulatory approval on Barclays’ retail business purchase

Tirad Mahmoud also said the creditor committee set up to help negotiate a debt restructuring of Dubai-based Amlak Finance had reached a tentative agreement with the mortgage lender.

Abu Dhabi Islamic Bank expects to get regulatory approval from the United Arab Emirates’ central bank for its purchase of Barclays’ retail operations in the country in the next 10 days, its chief executive said on Tuesday.

Tirad Mahmoud also said the creditor committee set up to help negotiate a debt restructuring of Dubai-based Amlak Finance had reached a tentative agreement with the mortgage lender, which would see repayment of its debts proposed for a period of time. He declined to provide details.

Published: May 20, 2014 04:00 AM

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