National Bank of Abu Dhabi PJSC, the United Arab Emirates’s largest lender by market value, secured a six-month extension to comply with the central bank’s loan limit rules.
The central bank extended the deadline for the Abu Dhabi-based lender until March 2013, chief executive officer Michael Tomalin told Dow Jones yesterday in Kuala Lumpur, according to a bank spokesman, who declined to be identified because of company policy. The new loan rules won’t affect the bank’s growth in the future, Tomalin said.
Banks in the U.A.E. can lend no more than 100 percent of their capital to local governments and government-related entities as of Sept. 30, 2012, the central bank said April 4. There was no limit under previous rules. The central bank’s assistant governor Saif Al Shamsi said Oct. 1 it won’t extend its deadline for banks to comply with the new rules.