Abu Dhabi Commercial Bank in talks to sell $3.7 bln of bad loans: Report

Abu Dhabi Commercial Bank PJSC (ADCB) is in talks with funds to sell 13.5 billion dirham ($3.68 billion) of bad loans, Bloomberg News reported on Thursday, citing people familiar with the matter.

The bank, which is one of the UAE’s biggest lenders, is selling a retail portfolio that includes car loans, private and credit card debt, the report added.

An entity called Lexolent is looking to put together a group of buyers to purchase ADCB’s non-performing loan book, the report said.

ADCB did not immediately respond to a request for comment when contacted by Reuters.