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Abu Dhabi Commercial Bank planning $1bn bad debt sale

RIYADH: Abu Dhabi Commercial Bank, the second largest bank in Abu Dhabi, is planning to sell about 4.1 billion dirhams ($1.1 billion) of bad debt to clean up its balance sheet, battered mainly due to payment defaults by high-profile corporate clients. The bank has codenamed this initiative “Project Turbo,” and it has already kicked off a process to sell the claims, mainly
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