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UAEs ADCB bank to relax loan instalments in the wake of Covid-19 attack

Abudhabi Commercial bank, UAEs third-largest bank has taken steps to relax the loan installment and waive-off interest rate for a period in the wake of the Covid-19 outbreak. The wide-ranging measures will be in effect from April 2 to help its 1.2 million small and medium business customers-facing a tough market situation.

The bank said customers, whether an individual or an owner of a business affected by the COVID19 virus outbreak, will have loan installments deferred and interest will be waived for a period of up to six months, subject to an appropriate level of bank scrutiny. The measures will remain in place until the end of June.

ADCB, Union National Bank and Al Hilal Bank merged last year to create the third biggest banking group in UAE.


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