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JPMorgan raises ADCB to 'overwright'
- United Arab Emirates: Monday, May 06 - 2013 at 05:10
JPMorgan Chase & Co has raised Abu Dhabi Commercial Bank (ADCB) to 'overweight' after the third-biggest lender by assets in the UAE cut exposure to low quality assets, Bloomberg has reported. "ADCB management has commendably turned around the franchise over the last two-three years by cleaning up the asset book, prudently managing liquidity while conserving spreads better versus regional peers and strengthening the capital base by disposal of non-core assets," analysts including Naresh Bilandani wrote in a research report. ADCB said last week it settled lawsuits against Morgan Stanley, Standard & Poor's, Moody's Investors Service Inc. and others over its purchase of Cheyne SIV notes.
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