CBD repays Dh1.5bn to ministry

Commercial Bank of Dubai (CBD) has repaid Dh1.5 billion of support from the UAE government, which it received through the Ministry of Finance. The deposits were originally scheduled to mature in December 2016, CBD said in a statement.

Peter Baltussen, CEO of the bank, said in a statement that the continued strong performance of the bank over the past five years has enabled it to repay these deposits successfully and three years before the date of maturity.

He praised the "excellent support provided by each of the Ministry of Finance and the Central Bank, since the beginning of the fallout from the global financial crisis in order to provide the necessary support and liquidity to ensure the proper functioning of the financial system and to maintain the economic stability of the state."

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