Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80% stake in its property management subsidiary, Abu Dhabi Commercial Properties (ADCP), to Nine Yards Plus Holding. The transaction values ADCP at AED 591 million and is expected to result in a gain of approximately AED 490 million for ADCB. The bank will retain a 20% stake in ADCP and continue its partnership through a long-term agreement. Nine Yards Plus Holding is a real estate subsidiary of EIH Ethmar International Holding PJSC. The deal is part of ADCB's strategy to focus on expanding its core banking businesses. The transaction is subject to closing conditions and is expected to be completed by the end of December 2023.

The text is a formal communication from Abu Dhabi Commercial Bank (ADCB) to the Disclosures and Compliance Section of the Abu Dhabi Securities Exchange. It informs them about a meeting of ADCB's Board of Directors that took place on December 14, 2023, where general matters were discussed and approved. The text also expresses gratitude for cooperation and assures continued collaboration. A copy of the message is sent to Dr. Maryam Butti AL Suwaidi, CEO of the Securities & Commodities Authority (SCA).

The Abu Dhabi Commercial Bank (the “Bank”) has announced that its Board of Directors will meet on Thursday, 14th December 2023 at 11:00 am. The meeting will focus on general matters that will not affect the share price. This information was communicated by the Group Company Secretary, Rami Raslan. A copy of the announcement was also sent to HE. Dr. Maryam Butti AL Suwaidi, CEO of the Securities & Commodities Authority (SCA).

Abu Dhabi Commercial Bank (ADCB) has joined the UN-convened Net Zero Banking Alliance (NZBA), which comprises over 130 global banks with a total of $74 trillion in assets dedicated to financing climate action. ADCB will align its lending and investment portfolios to achieve net-zero emissions by 2050, setting targets for carbon-intense sectors within 18 months. The bank's climate strategy aligns with the UAE's Net Zero by 2050 Strategic Initiative, seeking to limit global warming to 1.5°C. ADCB plans to transition its operational and attributable GHG emissions from its portfolios to achieve net zero by 2050 or sooner, setting targets for 2030 and every five years thereafter. The bank will also annually publish its emissions and progress against its transition strategy. ADCB has tripled its 2030 sustainable finance target to AED 125 billion ($34 billion).

Abu Dhabi Commercial Bank (ADCB) has successfully priced an Additional Tier 1 (AT1) Bond of USD 750 million to strengthen its capital base and support further growth. The bank has experienced a net loan growth of 10% in the first nine months of 2023 and expects a 10-12% credit expansion for the year. The AT1 Bond received orders of over USD 4 billion from global investors and was priced at 8.0%. ADCB maintains credit ratings of A/Stable/A-1 from S&P and A+/Stable/F1 from Fitch. The bond will be listed on Euronext Dublin.

Abu Dhabi Commercial Bank (ADCB) has received a binding offer from Nine Yards Plus Holding, a subsidiary of EIH Ethmar International Holding, for a majority stake in its subsidiary, Abu Dhabi Commercial Properties (ADCP). The deal, which is expected to be completed in Q4 2023, will see ADCB retain a 20% stake in ADCP and is anticipated to yield a gain of approximately AED400mn for ADCB. The transaction aligns with ADCB's growth and diversification strategy. ADCP will retain its separate legal status and brand, and will continue to benefit from ADCB's financial expertise and relationships in the property management sector, while leveraging Nine Yards Plus Holding's real estate expertise.

The text refers to a review report and condensed consolidated interim financial information for Abu Dhabi Commercial Bank PJSC. The information covers a nine-month period, ending in September 2023.