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FGB repays Dhs4.5bn government crisis support
- United Arab Emirates: Tuesday, March 05 - 2013 at 05:35
Abu Dhabi's First Gulf Bank (FGB) has said it has fully repaid federal government funds it received as support in the wake of the global financial crisis, a move other banks in the country are expected to follow in 2013, Reuters has reported. The second-largest lender in the UAE by market value, said it repaid Dhs4.5bn to the finance ministry out of its own cash reserves. The ministry had placed Dhs70bn with banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a seizure of the world's financial system.
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